{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/gbpjpy-retraces-in-short-term-as-rsi-reaches-70-0\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/gbpjpy-retraces-in-short-term-as-rsi-reaches-70-0\/","headline":"GBPJPY Retraces in Short-Term as RSI Reaches 70.0","name":"GBPJPY Retraces in Short-Term as RSI Reaches 70.0","description":"GBPJPY Makes a Short-Term Retracement As RSI Hits 70.0 Level GBPJPY makes a short-term retracement as the RSI (Relative Strength Index) hits the 70.0 level. The market has been in a bullish trend since the beginning of 2023. Despite the ongoing uptrend, the GBPJPY experiences only a slight decline into the discount zone. This implies […]","datePublished":"2023-08-24","dateModified":"2023-08-24","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2023\/08\/CpKV5F2M.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2023\/08\/CpKV5F2M.png","height":738,"width":1195},"url":"https:\/\/forexschoolonline.com\/gbpjpy-retraces-in-short-term-as-rsi-reaches-70-0\/","about":["FX Technical Analysis","GBP\/JPY","GBPJPY","Price Action Charts in Focus","Trade Idea","Trade Setups"],"wordCount":297,"keywords":["Daily Chart","Forex","forex price action","FX Technical Analysis","GBP","GBP\/JPY","GBPJPY","JPY","Market Anticipation","Market Expectation","Market Prospect","Price Action","Price Analysis","Price Chart","Technical Analysis"],"articleBody":"GBPJPY Makes a Short-Term Retracement As RSI Hits 70.0 LevelGBPJPY makes a short-term retracement as the RSI (Relative Strength Index) hits the 70.0 level. The market has been in a bullish trend since the beginning of 2023. Despite the ongoing uptrend, the GBPJPY experiences only a slight decline into the discount zone. This implies that the incoming retracement might not only last for a short while.GBPJPY Significant ZonesDemand Zones: 168.430, 148.630Supply Zones: 188.810, 195.630Until the year 2023 began, the trading range of GBPJPY was between the 172.130 old high and the 148.630 old low. An expansion to the upside occurred after a rejection at the 148.630 price level. This caused a fractal movement that continued until the formation of the 172.120 swing high. The previous resistance at the 168.430 price level further orchestrated the decline that followed the 172.129 swing high. The decline eventually ceased at the 62.0% retracement level of the trading range.Owing to the buying pressure from the discount zone, GBPJPY surged upward as the year began. More GBPJPY buyers kept storming the market, thereby increasing the market’s volatility and buying momentum. The continuous expansion led to a market structure break, propelling GBPJPY to the upside. The uptrend continued, with insignificant retracements, as the GBPJPY sellers failed to take control of the market. Another market structure break occurred at $184.100, which made the market oversold according to the RSI.Market ExpectationAccording to the MA Cross, GBPJPY is bullish on the four-hour chart. This followed the price reaction towards the bullish order block on August 6, 2023. Following a sell-side liquidity grab below the 184.550 price level, GBPJPY is expected to resume its bullish trend.Note:\u00a0Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results."}