GBPJPY Finally Makes a U-Turn After It Hits an Impervious Price Level

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GBPJPY Price Analysis – December 26

GBPJPY finally makes a u-turn in the upward direction after it bumps off the impervious significant level at 149.240. The initial key level at 152.330 failed to hold up the price for long, and the market finally slumps below it. Bears, knowing the strength of the 149.240 significant level, pushed forcefully downward and broke through weaker levels. However, GBPJPY faces stiff resistance at this level and finally reverses.

GBPJPY Significant Levels

Resistance Levels: 158.060, 153.600
Support Levels: 152.330, 149.240

GBPJPY Long Term Trend: Bullish

The market rose from consolidation on the 8th of October and dashed through several key levels to reach 158.060. This will be the limit for the market as it started down a descent. Buyers tried to resist the market’s fall by holding it up first at 156.030 and then at 152.330, but the bears were determined to drown the price. Eventually, GBPJPY drops to 149.240.

At the 149.240 significant level, there was a major tussle as bears wanted to continue their momentum. There was continuous pounding against the level which lasted more than two weeks. Sellers afterward got weakened, allowing buyers a free run in the market. The Parabolic SAR (Stop and Reverse) shows a market reversal by switching its dots below the candlesticks. Simultaneously, the Relative Strength Index line has risen out of the bearish territory and is now above the 50 mark.

GBPJPY Short Term Trend: Bearish

Having broken past the 152.330 key level, the short-term frame is showing that the price is currently stalling below 153.600. We could experience a slight retracement back to 152.330 before the market shoots up past this resistance. The RSI line, having risen to the overbought region, is now drooping, showing an impending retracement. The Parabolic SAR, likewise, now has its dots above the 4-hour candles.

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