GBPJPY Sellers Eye Rebound as Buyers Struggle at Significant Level

Market Analysis- Bulls Momentum Slows Down

GBPJPY sellers eye a rebound as buyers struggle at a significant level. The market dynamics have shifted, with sellers gaining control and pushing the price down towards a significant support level. 

GBPJPY Key Zones

Resistance Zones: 191.190, 189.680
Support Zones: 185.150, 181.090

The GBPJPY pair has been trading within a range, with the 191.190 level acting as a significant resistance. However, sellers have managed to gain momentum, causing the market to decline. This shift in momentum indicates that sellers are now in control. As more sell traders emerge, it is likely that the price will continue to be pushed down towards the 189.660 support level.
 
Despite the recent dominance of sellers, GBPJPY buyers have shown remarkable resilience throughout this month. This resilience was also evident in January, when the bulls initiated a strong push from the 178.590 level. This initial push created significant market momentum for the buyers. Despite the constant efforts of sellers to pull buyers out at various points in the past few weeks, the bulls have remained strong in their recovery.
 
A significant turning point occurred when the price broke out beyond the 185.150 level. This breakout signaled a potential shift in market dynamics. However, the sellers attempted to stage a rebound at this key zone. Despite their efforts, the buyers are currently looking to push through new highs. To do so, they will need to gather enough strength for the journey ahead. This comeback is expected to bring stronger reinforcement this time.

Market Expectation 

The Moving Average crossing is still spreading out, indicating that buyers still hold the major influence. Additionally, forex signals can help traders identify the right direction to trade. The Stochastic Oscillator is currently stuck with buyers but is gradually pulling out. This suggests that the bears may hold the market down until it reaches the 189.660 support level before a potential rebound.

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