Market Analysis – GBPJPY Buyers are Losing Out
GBPJPY price is gradually shifting attention to the selling moment. The price is showing signs of gradually shifting as the effectiveness of the buyers has been lacking this week. Instead of experiencing a breakthrough in the new month, the price has yielded lower. This indicates a potential shift in market sentiment.
GBPJPY Important Levels
Resistance Levels: 189.110, 184.400
Support Levels: 181.100, 177.800
The bulls have been facing challenges in their attempts to push through the significant level of 190.000 since last year. In November of the previous year, the bulls sprung into action, but their efforts were thwarted before reaching the 189.000 significant zone. In early January, after the sellers drove the price lower to the key level of 180.000, the buyers once again took control. Their intentions were clear, but recent market attention suggests a shift towards the sellers gaining momentum.
The Moving Average crossing is indicating a close possibility of sellers settling in soon. Confirmation of a cross would provide the best forex signals on the chart, indicating a potential sell moment. Additionally, the Stochastic Oscillator is also showing a downward movement, aligning with the gradual shift in attention toward the sellers. In the short time frame, the sell traders have assumed formation, further supporting the idea of a potential downward movement in price.
It is more likely that we will see the price breaking even lower in the market as attention shifts toward the sellers. Traders should be cautious and prepared for potential selling opportunities.
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