GBPJPY Key Zones
SUPPLY: 153.500, 152.500
DEMAND: 149.500, 148.500
GBPJPY Price Analysis
GBPJPY continues to range as it bounces up and down within consolidation. GBPJPY has struck the lower end of the range on the 24th of March and the 23rd of April, 2021, and has bounced higher. GBPJPY has struck the upper end of the range the third time. The upper end of the range was struck on the 3rd of May.
What to Expect From GBPJPY
On the 11th of May, GBPJPY formed a Doji candlestick. This was formed after the previous candlestick on the 10th of May struck the upper part of the range which is slightly above the resistance zone at 153.500. The Doji candlestick which formed at the higher part of the range shows price weakness to break out of the range and hence signifies indecision. Price is likely to fall back into the lower end of the range the third time at 149.500.
The Stochastic lines read 91.42 and 86.41 at the point of writing which is at the overbought region. This signals that price may fall anytime soon.
On the four-hour chart, the last ten candles have switched between bearishness and bullishness. This shows the current indecision of GBPJPY.
Also on the four-hour chart, the stochastic lines have crossed. They are currently pointing lower with a gentle slope. They are still in the overbought region signaling a price drop soon. Price is likely to drop to find support at 149.500.
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