GBPJPY Breaks Down at a Crucial Moment

GBPJPY Analysis – September 23

GBPJPY breaks down at a crucial moment after it once again comes in contact with the 168.720 strong resistance level. The rejection this time around is even stronger as the price embarks on an immediate plunge. The market has now dropped below its descending trendline and also the 159.490 support level. GBPJPY is currently trading around 156.100, thereby matching its lowest point since breaking above the 159.490 support level.

GBPJPY Critical level

Resistance Levels: 168.720, 164.117
Support Levels: 153.290, 148.780

GBPJPY Long-Term Trend: Bearish

The GBPJPY market has taken much effort to establish itself above the 159.490 significant level. The price suffered a scare when it was punched to the downside of the same 159.490. But the buyers displayed incredible resilience by recovering from between two key levels to rise back beyond the support level at 159.490. Since then the price has been engineering itself to build up momentum to break the main resistance at 168.720.

Nevertheless, the market breaks downs at the crucial moment when it tests the resistance level. This is likely because the coin has expended much power trying to be free from the influence of the descending trend-line. The EFI (Elders Force Index) shows a switch of market dominance to the bears as the power-line dives into a negative value.

GBPJPY Short Term Trend: Bearish

The 4-hour chart sows that the price tries to take hold above the descending trendline but it was further knocked down by the 164.117 resistance. With nothing else to hold the market up, it falls free through. The Parabolic SAR has immediately switched above the candlesticks. The price is anticipated to fall as low as 148.780.

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