GBPJPY Analysis – October 21
GBPJPY fails to hold above the 167.810 resistance level after it successfully breaks it. The price has been long subdued below the 167.810 resistance level. The market has tested this resistance level on several occasions and it usually leads to a plunge in the price. However, after summoning the courage to finally have a breakthrough, the coin fails to hold above the level when it mattered the most and has dropped below it again.
GBPJPY Significant Levels
Resistance Levels: 167.810, 170.570, 172.330
Support Levels: 165.780, 164.000, 159.680
Having just tested the 167.810 resistance level on the 9th of June, the market took a hit as usual but was able to hold itself above the 159.680 critical support. However, the bears tried to take advantage of the reduced strength to drill the price below the 159.680 critical support, but the bulls converted that into a strong rally of their own. This helped them rise to test the 167.810 resistance again, but the market failed and fell strongly, even below 159.680.
The buyers, as they’ve done severally, stopped the depression and immediately set the price of a surge back above the 159.680 support. From there, GBPJPY strengthened and launched an attack, yet again, on the barrier. Surprisingly, they hid a weak spot in the barrier and finally rose above it. However, the victory is short-lived as the price fails to hold above the 167.810 resistance level. Nevertheless, the MA period 15 (Moving Average) remains below the price as support.
Market Expectation
The RSI (Relative Strength Index) line is still in an uptrend, consistently making higher lows. Meanwhile, the same RSI indicator on the 4-hours chart has dropped from the overbought region into the bearish half. This is due to the rejection the price suffered when it first hit the 167.810 resistance level. Nevertheless, the tip of the RSI line has taken a sharp bend as the price begins to recover. GBPJPY will be looking to break the resistance immediately.
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