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GBP/JPY intraday: the RSI is overbought
2023-10-31
691
Our pivot point stands at 183.25.
Our preference: the upside prevails as long as 183.25 is support.
Alternative scenario: the downside breakout of 183.25 would call for 182.71 and 182.38.
Comment: the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 182.51 and 181.82).
Supports and resistances:
185.37 **
185.05 *
184.72 **
184.40
183.74 last
183.47
183.25 **
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