GBPJPY Bearish Pickup Continues as Bulls Holds Market Pullback

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GBPJPY Price Analysis – November 12

GBPJPY bearish pickup continues as bulls hold the market with a pullback. The price strength already began with a strong bearish rally downward after a sharp reversal at the 158.200 significant level. The bulls, who had previously gained significant momentum, have lost strength at this level. The bears continue in their trend, bringing price movement in a downtrend, smashing the 153.100 price level. However, the bulls are also seeking to regain strength and are ready to hold price movement back at the 153.100 significant level. After this pullback, we expect a price correction as the market will eventually continue its downtrend.

GBPJPY Significant Levels:

Resistance Levels: 158.200, 153.100
Support Levels: 151.100, 149.100

GBPJPY Long Term Trend: Bearish

Similarly, the market saw a systematic decline before the large bullish rebound. The market rallies to the downside, breaching key levels. However, between the 153.100 and 149.100 key levels, the bears and bulls had a strong consolidation. Buyers and sellers both contributed greatly by putting on a show of power. This shows that they are both dedicated to moving the market along their chosen path.

GBPJPY buyers successfully took over after overcoming the market strength of the bears. The bulls successfully made the price zoom off to a significant level of 158.200 after smashing several price levels. When the bulls failed to push the price above this level, the bears entered the market and used their muscle to drive the price lower. As the red histogram continues to create an increase in price reaction, the MACD (Moving Average Convergence and Divergence Indicator) likewise undergoes a downstream movement. As we foresee a downturn, the (Relative Strength Index) RSI also shows bearish determination, lowering to the bears’ keeping market momentum.

GBPJPY Short Term Trend: Bullish

On the 4-hour chart, carries on in a downtrend format, and the bulls’ price movement is ready for a holdback. The price will eventually drop back close to the 153.100 significant level. After a break out of this level, we, therefore, anticipate the bulls to pull back price movement to this level before bears’ continuation. The market will eventually acquire enough strength to move prices in a downtrend. The RSI also indicates the holding back of the bulls as we await a pullback to the 153.100 price level before bearish continuation.

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