GBP/JPY ST: the RSI is overbought

Trading Central 2021-02-23 18:08:36

Our pivot point stands at 145.68.

Our preference: the upside prevails as long as 145.68 is support.

Alternative scenario: the downside breakout of 145.68 would call for 143.20 and 141.72.

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 positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 145.16 and 142.48).

Supports and resistances:

155.76 **

154.28 *

152.79 **

151.31

148.30 last

146.66

145.68 **

Disclaimer
The trading strategy containing reference trading prices and analysis opinions is provided by the third-party provider Trading Central.And the trading strategy is only the personal research and judgment by analysts,which is not a statement of facts.No representation or warranty is given as to the accuracy or completeness of this strategy. Consequently any person acting on it does so entirely at their own risk. TOP1 accepts no responsibility for any use that may be made of these comments and for any consequences that result.

6 Reasons To Open An Account

Multi-language 24/7 professional support

Fast, convenient fund and withdrawals

Free demo account $10,000

International recognition

Real-time quotes with push notification

Professional market analysis broadcast