GBPJPY Analysis – The Selling Tendency Rejected Below the 160.270 Key Zone
GBPJPY selling tendency rejected below the 160.270 keg zone. The action of sellers was heavily displayed last week as they opened the GBPJPY market with three long candlesticks. The stochastic signaled a selling force as a drop from the upper symmetry channel was evident in price last week. However, the GBPJPY price is currently opening today following price rejection around the 160.270 key zone.
GBPJPY Key Zones
Resistance Zones: 168.850, 163.080
Support Zones: 160.270, 148.630
The buyers first opened a break across the 160.270 line in price in April 2022. However, the next result on the GBPJPY market was that prices appeared to be consolidating. The buying and selling moments appeared to be tossing the price tendency on the daily chart. The MACD (Moving Average Convergence and Divergence) indicator appeared to be switching trends as the market entered into the symmetry trend channel.
This selling rejection becomes obvious after a bearish ride to the lower channel of the trend line. The sellers, therefore, were unable to sell supply as a result of sell stops placed close to the 160.270 key zone. The buy traders are therefore seen with an opening price signal above the symmetry line trend. The stochastic oscillator has implied a cross at the 0.00 level as buyers are now set in motion. We should therefore anticipate a buying round with the price tendency first projected to break through the 163.080 key zone.
The 4-hour chart shows a bearish display down to the 160.270 key zone. But the buyers have appeared to buy up stock at a price around the 160.270 key zone. A pullback is currently seen back to the lower symmetry channel and the buyers are already set to give room for more expansion in price. Traders should anticipate a buying moment currently as buyers are keen on influencing GBPJPY tendency beyond the 163.080 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.