GBPJPY Analysis – Traders are likely to lower the prices
GBPJPY traders are likely to lower the prices unless 160.730 is confirmed as a strong support zone. The sell traders can be seen aiming downward back to the 160.730 key zone. However, the pair is still eyeing more significant orders as we will get to see a bit of a decline in the coming days eventually. If a break out is sustained beyond the 160.730 key level ,there could be a move which will result in a price decline. This will, however, be as a result of the sellers’ aim to close up the volume flow occupied by buyers in March 2022.
GBPJPY Market Levels
Resistance Levels: 168.410, 163.070
Support Levels: 160.730, 149.540
The pair began motion by first consolidating between 149.540 and 160.730 key zones. Before the bullish volume expansion in March, the bulls and the bears stumbled at one another as we continued to see the exchange of price tendencies across levels. The market volume therefore expanded after the price reaction at the lower band of the Bollinger Indicator. An increase beyond 160.730 was established on the currency pair.
The 168.410 serves as a strong resistance level for buyers as they were unable to penetrate. This now gives room for bearish penetration influence on the daily chart. The price is currently consolidating and sellers are aiming to drop down to the 160.730 key level. The Stochastic Oscillator and the MACD (Moving Average Convergence and Divergence) both indicate a selling format on the daily time frame chart.
At the moment, we should expect a more bearish decline in the GBPJPY price; if the 160.730 key level fails to hold, we should expect the market pair to fall further. The Stochastic Oscillator still confirms a test for more selling force on the 4hr chart time frame.
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