GBPJPY Is Increasingly Under Pressure to Drop

GBPJPY Analysis – September 3

GBPJPY is increasingly under pressure to plunge below the major level at 159.680. Though the price just made a recovery after falling through the same level, after failing to get the best of the 167.810 resistance, the market weakened and slumped back to the 159.680 support level. Since then, despite the effort to get a grip on the market, the buyers have been increasingly suppressed towards the 159.680 support level.

GBPJPY Key Levels

Resistance Levels: 167.810, 163.000
Support Levels: 159.680, 156.030

The price action has shifted from below 158.060 with a stretch of bullish action on the 22nd of March. However, the price action has been limited by the 167.810 resistance level. This isn’t working in favour of the buyers who have been sustaining pressure from the sellers. This is evident as the market was pressured below 159.680 the first time trying.

However, the bulls made a resurgence in which the price rose directly to 167.810, but yet again, the market suffers a rejection. The bulls are persistently trying to still get back at the resistance but the price is being tapered downward in a descending triangle. The EFI (Elders Force Index) has dropped to a negative value as the bears gradually wield influence. The Moving Average period 20 is currently above the candlesticks.

Market Expectation

On the 4-hour chart, the MA period 20 is slicing through the candles due to the tapering nature of the market. The Elders Force Index is also in a negative value on the short time frame. This shows the progress that Sellers are making in dominating the market. The price is predicted to eventually plunge below the 159.680 support level due to pressure.

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