GBPJPY Analysis – The Market Loses More Positions Due to Sellers’ Aggression
GBPJPY loses more ground as sellers aggressively begin to act on the market. A sign of increasing sellers’ aggression is first noticed at the 164.000 price level, where the price suffered instant rejection back to the 159.680 support level. GBPJPY, however, broke the market structure for an impulse to move upward, but the sellers increased their aggression on the price, and the market loses ground from the 167.810 resistance.
GBPJPY Important Zones
Resistance Levels: 167.810, 164.000, 161.650
Support Levels: 159.680, 158.060, 149.500
GBPJPY was characterized by a sideways movement which peaked from October 2021 to March 2022. After the market generated much energy through its consolidation, the buyers were the ones that capitalized on it by pushing the price to an upward breakout. Sellers regained consciousness and began to wield influence over the price. This is evident as the market loses ground at key levels.
The sellers’ aggression is evident at 167.810 as the market slumps steeply by more than 5% with consecutive bearish candles. They are having a breather, though, at 159.680, which is allowing a chance for market recovery. Though the MACD (Moving Average Convergence Divergence) still sees the market as predominantly bearish, the EMA (Exponential Moving Average) remains below the candles as support for the market.
Sellers’ aggression is more evident on the 4-hour chart. The MACD lines have fallen deep below the zero level, with accompanying bearish histogram bars. Also, the 4-hour candlesticks have broken through the EMA period 100. However, buyers are finding stability at the 159.680 support level, and a price rise is expected from this level.
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