GBPJPY Analysis- Selling Activity Is Close to the 169.360 Key Zone
GBPJPY price continues to rally into a resistance level as selling activity is currently in place. The buyers have suddenly become relaxed about making shots to crack through the 169.390 key zone once again. The current situation on the GBPJPY pair shows us that the bulls are currently taking a breather at the moment. However, the selling retracement on the GBPJPY pair is only expected to last a short time. Traders should continue to be wary of buyers making additional attempts to breach the 169.360 key zone.
GBPJPY Market Levels
Resistance Levels: 169.360, 165.200
Support Levels: 159.600, 154.450
The bulls became more alert after the enormous drop that was influenced by selling liquidity in October 2022. The bear market took a stop following the price decline to the 154.450 key zone. This stage marked the beginning of the bullish era, which is currently holding for the last quarter of the year. The buyers began to expand prices the moment they cracked through so many order levels. The bulls took a breather after the price reached 165.200, the key zone. The currency pair pushed lower to retreat to the 159.600 key zone.
The bulls began to push price action further until a fresh high was attained close to the 170.000 key zone. The buying strength is now declining following the sellers’ retreat as prices push close to the 169.360 key zone. The MACD (moving average convergence and divergence) indicator signal line is above the middle level. However, it is declining as the sellers are currently setting the stage for a retracement. The stochastic oscillator, however, has changed in reaction to price motion, with sellers still causing a pullback.
On the 4-hour chart, the GBPJPY buyers are more likely to boost their strength. Also, a bounce-off could be experienced as the price is close to reacting on the middle level of the Bollinger Band Indicator. A crack through is yet to be experienced as prices rally toward the 169.360 key zone.
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.