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GBP/JPY Tags 170, Reversing the September Breakout Rally

The sterling pound is weak today, partly due to the latest inflation data out of the UK. We already saw GBP/USD push at new lows on the year

GBP/JPY was also dragged lower, though it has already been in pretty steep decline since rallying to 180.70 in September. This September rally was a bullish breakout from a consolidation mode that persisted since January. The breakout was continuing a bullish trend that existed since 2012.

GBP/JPY Daily Chart 10/14
(click to enlarge)

However, this bullish trend is about to come to an end as GBP/JPY capitulated all of the September rally. In the daily chart there are a few bearish signals:
1) Price has broken below the cluster of 200-, 100-, and 50-day SMAs.
2) Price is breaking below a rising line from February.
3) The sharp reversal from 180.70 suggests further downside.
4) The RSI has fallen below 40 to show loss of bullish momentum. It is about to tag 30, which would show bearish momentum.

Now, GBP/JPY looks poised to put in a price top, but this can take a while, maybe even months. In the short and medium-term, we might start seeing some consolidation now that the September rally is reversed, and the daily RSI is near oversold levels.