GBPJPY Continues to Trend Lower as It Is Set to Rebound

GBPJPY Analysis – Price Is Set to Rebound at the 149.60 Price Level

GBPJPY is set to rebound at the 149.60 key level. The price is, however, in a bearish state as the market keeps making lower lows and highs. The market continues to retest the trend line channel, and the more it is retested, the stronger it becomes. As the bears do a tremendous job of pushing the market downward, the bulls are also in motion. However, the sellers are more in control as they continue to pull prices down.

Significant Key Levels for the GBPJPY

Resistance Levels: 153.270 151.400
Support Levels: 150.700 149.460

GBPJPY Long Term Trend: Bearish

After a reversal at the 149.460 critical mark, GBPJPY initially gained positive momentum as it surged upward. However, the price burst through the significant key level of 150.700, where a retest was also held. It subsequently began to rise, breaking through the major critical levels of 151.400 and 153.270. Because the bulls had no position to hold at this moment, the sellers gained control of the market. The price gradually continues to decline and is observed to bounce at significant key levels.

The GBPJPY continues to fall, and a significant reversal is frequently witnessed near the trend line channel area. At this level, this signals a severe rejection. As the trend line is retested, the price is observed bouncing off support key levels of 149.460 and 150.700 major critical levels. The Stochastic Oscillator indicator on the daily chart shows price crossings approaching the oversold area, indicating that the bearishness is nearing an end and the price will return to the critical level. The RSI (Relative Strength Index) also shows price movement below the 50.00 mark, indicating that a comeback is imminent.

GBPJPY Short Term Trend: Bullish

On the 4hour chart, the price is seen making a significant fall, and pullbacks are evident near significant levels. GBPJPY is therefore expected to rebound, thereby gaining bullish momentum. The Stochastic Oscillator indicator shows price reactions near the seller’s region, and buyers will begin to set in. The RSI also displays a similar occurrence, indicating that there will be a market shift. As a result, the price is expected to rise from a significant level of 149.460.

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