GBPJPY Analysis – The Market Price Action Awaits Buying Liquidity Above 163.080
GBPJPY market price action awaits buying liquidity above the 163.080 key zone. A buying tendency has been established in the GBPJPY pair market following a bearish moment of decline to the 160.740 key zone. All indications, however, point to the fact that there should be more room for buying opportunities beyond the 163.080 key zone. The buyers set up trade above the GBPJPY lower triangular trend. There was therefore a renounce on it after the price’s recent drop to 160.740 key zone.
GBPJPY Key Levels
Resistance Levels: 168.890, 163.080
Support Levels: 160.740, 149.010
The buy traders are now seen pushing forward till buying strength eventually gets to the 163.080 key zone. The Stochastic RSI (Relative Strength Index) indicator is also viewed to be simulating upward. However, a decline in the momentum indicator was observed following the price hit the critical level of 163.080. The reason for the drop in price momentum is that this order block has sold traders’ influence on the market. The buyers are seeing the hold back due to selling pressure around the 163.080 key zone.
Nevertheless, the buy signal is still set to manipulate itself above this key level. This is because there is more room for an influx of buyers to overcome selling pressure on the GBPJPY market. The buyers are therefore set to move beyond the 160.740 key zone as the stochastic RSI still signals buying engagement on the daily chart.
The GBPJPY is a market that every trader should pay attention to since the 4-hour chart already displays selling runs as a retracement is visible to the 163.080 critical zone. Therefore, the possibility of making a purchase should be anticipated before it. The momentum is currently going over the level of 0.00. Therefore, market participants should keep their eyes peeled for potential buying opportunities in the upper triangular trend.
Note: Forexschoolonline.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.