GBP/JPY Surges Ahead but Reaches Overbought Region at Level 156.00

Key Resistance Levels: 150.000, 152.000, 154.000
Key Support Levels: 146.000, 144.000, 142.000

GBP/JPY Price Long-term Trend: Bullish
GBP/JPY pair is in an uptrend. Today, the market has risen to level 156.00 high. It is said that the pair has reached the overbought region. On April 6 uptrend a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the Pound will rise to level 2.618 Fibonacci extension or the high of 161.42.

Daily Chart Indicators Reading:
GBP/JPY has risen to level 73 of the Relative Strength Index period 14. This indicates that the pair has reached the overbought region. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

GBP/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. The pair rebounded above level 154.00 to reach a high of level 156.00. It has tested the recent high and it is falling. In the meantime, the GBPJPY is retracing downward.

4-hour Chart Indicators Reading
The GBP/JPY pair is above the 80% range of the daily stochastic. The market is in a bearish momentum. The stochastic bands are sloping downward. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for GBP/JPY
The GBP/JPY pair is in an upward move. Presently the market has reached the overbought region and it is retracing downward. It is unclear the extent of the downtrend.


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