Market Analysis – GBPJPY Price Weakens as Bearish Focus Still Remains in View
GBPJPY price weakens as the focus remains bearish. The traders are still in view of selling pending orders below the 163.080 key zone. With the selling clause activated, we get to see more bearish disposal down to the 160.750 key zone. The sell traders were first written off when the GBPJPY price value first arrived at the 163.080 market level. As we can see from the daily chart, the buyers accounted for a price retracement. By taking a glance at the daily chart, we see that selling merchants are now energized after the previous holdback in order to break through the 163.080 key zone.
GBPJPY Trade Levels
Resistance Levels:168.650, 163.030
Support Levels: 160.750, 148.840
GBPJPY market appeared to be dominated by buying forces in general. Therefore, we are still keen on seeing the bullish trade resume despite the GBPJPY trade currently being lower as the price value weakens. The bullish activity emerged from the beginning of March 2023, and we have seen much influence expected on the currency pair. The movement caused by buyers began right from the 148.840 key zone till bullish liquidity made its way up to the 168.650 key zone.
As we can see, the following price hit at the 168.650 market level is being held back by buying resistance. A shift in the structure of the price was seen closely as the bears began to descend. The sell traders are pulling the GBPJPY price lower on the daily chart as the Relative Volume Trend (RVT) shows the selling tide is still overwhelming the market. The Money Flow Index is also declining downward as the sell volume remains in charge. The GBPJPY daily trademark analysis shows that the sellers are likely to plunge the GBPJPY price at the moment down to 170.750 in order to rebound close to the descending channel trend line
On the 4-hour chart, we see that the buyers had previously altered their selling impact following a drop to the 163.080 key zone. We have seen the selling force rallying down in price shortly after the GBPJPY price retracement. Traders are therefore keen to see the price fall back down to the 160.750 key zone.
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