GBPJPY Double Top Chart Pattern Drops Price Lower

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GBPJPY Market Analysis – August 20

GBPJPY double top chart pattern has plunged the price back to the 149.350 support zone. The chart pattern was formulated after price recovered from a downward surge which sunk the coin well below the 149.350 key level. GBPJPY met support at 148.440 and moved up. Further support from 149.350 drove the market up and beyond 151.200 where the chart pattern was formed.

GBPJPY Significant Zones

Resistance Zones: 151.200, 153.450, 156.000
Support Zones: 149.350, 148.440, 146.420

GBPJPY Long Term Trend: Ranging

The double top chart pattern was formulated over 18 trading days. The 151.200 price level, which acts as the support below the daily candles has been intent on upholding the market’s bullish run, but acting contrary to it was the resistance level at 153.450. The 153.450 resistance knocked the price down twice and eventually had the upper hand as 151.200 buckled under the bearish pressure.

GBPJPY has now dived below the 151.200 support, retesting the level as it traded to the downside. The market has now fallen to the 149.350 support where its bearish pressure has been repressed. Bulls won’t give up without a fight at this point, and we could see some days of consolidation before further reactions happen. The momentum is still with the bears, though, as shown by the EFL (Elders Force Index), whose force line has plunged to a negative value.

GBPJPY Short Term Trend: Bullish

GBPJPY has bounced upward after the 149.350 support repressed the bearish effect of the double top chart pattern. The force line of the EFL is steadily climbing towards the zero mark. This means that the influence of the bears is slowly diminishing at this point. Power will shift to the buyers when the market trades to the upside of the EMA period 20. Success there would see the bulls then reach for the 151.200 key level.

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