GBPJPY Analysis – June 10
GBPJPY indicates a price reversal close to the 168.710 resistance level. Market indicators show that there have been consistent buying opportunities for the GBPJPY price in recent times. The purchase traders had anticipated a price tendency beyond 168.710. However, the sellers are currently modifying the bullish tendency. There are presently multiple signals pointing to a reversal on the daily chart.
GBPJPY Significant Levels
Resistance Levels: 168.710, 166.620
Support Levels: 158.150, 155.710
GBPJPY Long Term Trend: Bullish
The bullish section on the GBPJPY has continued at a significant level. Before the bullish breakout came into play, the established price structure was based on the trend line. A greater momentum led to a bullish escape above the crucial milestone of 155.710. The buyers have expanded their strength to the crucial level of 168.710 as the price continues to push through regularly. However, the bullish coverage is likely to lose steam as sellers are seen lowering prices.
After that, a bearish prominence followed by a downward dip occurred. The bear was able to drive the value of GBPJPY as low as the crucial zone of 155.710 before bear pressure began to ease. This then provided the buyers with sufficient propensity to push the price upward. The bears fell and retested the lower level of the Bollinger Band Indicator, and the buyers are pushing the price upward in the hopes of reaching the 168.710 important level before the price falls again. The stochastic oscillator is showing that the market is overbought now because buyers’ buying power is slowly decreasing.
GBPJPY Short Term Trend: Bullish
The 4hr chart still shows bullish displacement; the price is set to return to the 166.620 key level. However, there should be an expectation of a price reversal on the GBPJPY as the bullish trend still continues.
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