GBP/JPY trades to a fresh monthly low (180.82) after failing to push back above the 50-Day SMA (183.26), with recent developments in the 50-Day SMA (183.26) warning of a potential change in trend as the moving average no longer reflects a positive slope.
GBP/JPY Outlook
Failure to retain the range-bound price action from earlier this week may lead to a further decline in GBP/JPY, with a breach below the August low (180.46) bringing the 179.40 (23.6% Fibonacci retracement) to 179.70 (61.8% Fibonacci extension) area on the radar.
A break/close below 177.20 (23.6% Fibonacci retracement) opens up the July low (176.33), but GBP/JPY may try to track the moving average if it defends the August low (180.46).
Need a move above 183.90 (50% Fibonacci retracement) to bring the monthly high (185.78) back on the radar, with the next area of interest coming in around 186.60 (50% Fibonacci extension).
GBP/JPY Outlook
Failure to retain the range-bound price action from earlier this week may lead to a further decline in GBP/JPY, with a breach below the August low (180.46) bringing the 179.40 (23.6% Fibonacci retracement) to 179.70 (61.8% Fibonacci extension) area on the radar.
A break/close below 177.20 (23.6% Fibonacci retracement) opens up the July low (176.33), but GBP/JPY may try to track the moving average if it defends the August low (180.46).
Need a move above 183.90 (50% Fibonacci retracement) to bring the monthly high (185.78) back on the radar, with the next area of interest coming in around 186.60 (50% Fibonacci extension).