GBPJPY Is Ready to Break Below a Significant Level Despite Bulls Hold Back.

GBPJPY Analysis- Price Is Ready to Break Below 153.100 Significant Level

GBPJPY is ready to break below the 153.100 significant level despite the bulls trying to prevent market continuation. Following a break into 156.100 significant levels, the bears’ phase intensified. This is a major price level that permits price movement to build liquidity run before trading lower. However, the bears who are still willing to drive the market lower must overcome the bulls’ power in the market before there can be any more decline.

GBPJPY Significant Levels:

Resistance Levels: 156.100, 153.100
Support Levels: 151.000, 149.100

GBPJPY Long Term Trend: Bearish

The price of the GBPJPY was initially spotted trading lower from the 156.100 price level, indicating a significant declining trend. The market developed a pattern of lower lows and lower highs, shattering many significant levels in the process. The price breached the 153.100 significant level, dropped to the 151.000 price level, and then retested it before falling. The market ultimately traded to a key level of 149.100, which is also an important milestone, after multiple retests.

However, there was a sudden change in price movement, and instead, the bulls tried to cause a little pullback, and eventually took the price upward above the 156.100 significant level. The bulls rallied with bullish momentum despite the market being in a bearish trend. GBPJPY has continued its bearish movement towards the 153.100 significant level and will go below that as price momentum increases. The Stochastic Oscillator indicator still in the 0.00 region indicates that buyers are set to pull the market back before bearish continuation.

GBPJPY Short Term Trend: Bullish

The price movement on the 4hour chart depicts the current market trend and how the market switched from bulls to bears. The bears are now poised to support the downward market movement, while the bulls will endeavor to maintain price stability. As the bulls prepare to pull back, the price has already broken through the bottom range of the Bollinger band, signaling an overall negative signal. The Stochastic Oscillator also indicates a cross, indicating that a pullback is likely and that the bears are willing to take price action below the 153.100 important mark.

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