GBP/JPY intraday: the RSI is overbought
182.37 is our pivot point.
Our preference: the upside prevails as long as 182.37 is support.
Alternative scenario: the downside breakout of 182.37 would call for 181.57 and 181.10.
Comment: the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 182.01 and 181.45). Finally, the GBP/JPY has crossed above its upper Bollinger band (182.94).
Supports and resistances:
185.49 **
185.02 *
184.54 **
184.07
183.12 last
182.68
182.37 **
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