GBPJPY Is Being Held Back by Further Retracement

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GBPJPY Analysis – May 6

GBPJPY is being held back by a further retracement to the 159.670 key zone. The sell influence is currently clenching down on the bullish inclination despite their strong leverage on the market pair. As the price seeks to correct itself back to the 159.670 significant level, the bulls are consequently preparing for more displacement even beyond the 168.420 crucial level. Traders should therefore watch out for changes in price propensity on the pair.

GBPJPY Crucial Zones

Resistance Zones: 168.420, 159.670
Support Zones: 153.960, 148.440

GBPJPY Long Term Trend: Bullish

The pair struggled with each other, which, regardless, resulted in proliferation in the market. This squabble, however, continued until the price entered a trending chain. After this phase, the buyers wielded the most impact. This then gave rise to a strong bullish outlook on the daily chart. The bullish stance first broke through the 153.960 significant level before advancing upward.

The price broke through the upper channel at the 159.670 key zone. A short retracement, however, follows it before further bullish advancement to the 168.420 significant zone. The currency pair is currently facing another retracement back to the 159.670 crucial level. The MACD (Moving Average Convergence and Divergence) indicator points to the fact that the signal line is trending down to the zero level, thereby indicating a price drop.

GBPJPY Short Term Trend: Bearish

The 4-hour chart shows how the price tendency is flowing and monopolizing back to the 159.670 important level. The RSI (Relative Strength Index) shows price movement trending downward at the price level. The MACD gives a cross as the seller’s replacement still stands back to 159.670 before the bulls can look forward to moving the currency pair beyond the 168.420 significant zone.

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