GBPJPY Analysis – Buying Opportunities Set to Decline on Price
GBPJPY buying opportunities are set to decline following the price swing to the trend line zone. According to the speculation of the market, the bulls have been turning the market’s price around at every point it arrives inside their triangular chart pattern. The recent chance that buyers took is now moving up towards the trend channel, and the stochastic oscillator is still showing that buyers can still get into the market.
GBPJPY Significant Levels
Resistance Levels: 168.460, 164.140
Support Levels 148.240, 159.120
However, the selling pressure is still keeping the GBPJPY’s price in check. There will therefore be room for selling pressure following a bullish reversal across the trend line before buyers reach the 164.140 key zone. Since sellers will push the price inclination down to the 1589.120 key zone, there is a strong likelihood of a break out from the important level of 159.120 in the GBPJPY market shortly if selling pressure on the market continues.
When buyers fail to break above the price trend, there are more opportunities for a bearish trend. The daily chart shows the Parabolic SAR (Stop and Reverse) majored in bearish tendency, and this gives us a hint of a buying opportunity decline in price. The RSI (Relative Strength Index) is still closing up at the middle of the range as a buying option in a decline on the daily chart. Traders should therefore be on the lookout for any bearish moments that may arise in the near future.
The buyers are almost near the trend line, as indicated on the 4hr chart. The leading Stochastic Oscillator is close to the “overbought” area, which tells us that buying will go down when the price goes back up. A bearish decline will therefore be seen down to the 159.120 key zone.
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