GBP/JPY intraday: the RSI is overbought

GBPJPY

Trading Central 2021-02-24 12:29:05

149.04 is our pivot point.

Our preference: the upside prevails as long as 149.04 is support.

Alternative scenario: the downside breakout of 149.04 would call for 148.68 and 148.46.

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 148.88 and 148.43).

Supports and resistances:

150.52 **

150.30 *

150.09 **

149.87

149.39 last

149.18

149.04 **

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