GBP/JPY gains traction, bearish cross between the 100 and 20-day SMA looms
- GBP/JPY advanced near 182.50, up by 0.44%.
- The 100 and 20-day SMA are converging towards 181.50.
- Indicators on the daily chart suggest that bullish momentum is still weak.
In Tuesday's session, the GBP/JPY gained ground and jumped to 182.50, but the daily chart's bullish momentum appears weak.
In line with that, the GBP/JPY has a neutral to bearish technical stance, with the bears gradually recovering and asserting themselves. Despite the Relative Strength Index (RSI) maintaining a positive slope above its midline, bulls appear not to have the necessary momentum to continue climbing. In addition, the Moving Average Convergence (MACD) exhibits stagnant green bars. To add to that, the 20 and 100-day Simple Moving Average are converging towards the 181.50 area, and in case of completing the cross, the bears could gather momentum, usually typical when a short-term crosses below a longer-term moving average.
In that sense, support levels line up at the 181.50 area, followed by the 181.00 and 180.00 area. On the other hand, resistances are seen at 183.00, 183.50 and 184.00.
GBP/JPY Daily chart
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