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GBPJPY Price Analysis – September 17
GBPJPY is resisting bearish pressure by forging the market into an ascending triangle pattern. Bearish pressure effectively kicked in when price hit a 3-year high at 156.100 on the 27th of May 2021. Since then, price began a downtrend with a selling pressure which superseded the efforts of the buyers. GBPJPY can be seen to shoot downward and recover upwards at intervals.
GBPJPY Significant Levels
Resistance Levels: 154.900, 153.280, 156.100
Support Levels: 151.130, 150.400, 149.360
GBPJPY Long Term Trend: Bullish
The buyers first put up a fight against the decline in the market at 154.900, in which they defended price for 12 trading days, but the bears spiked the market down to ease below the level. The price recovered only to retest the level before dropping lower. The market kept spiking downwards as opposition to the decline in the market got stronger. Finally, price dropped to 149.480, where bears weakened and started ceding control to buyers.
Afterward, for the first time since the downtrend started, price didn’t make a new lower low or lower high. Bears tried again to plunge the market, but they could only make a higher low in relation to the last downward spike in the market. Buyers have therefore forged the market into an ascending triangle. The EFI (Elders Force Index) is seen undulating in and out of negative values as bulls battle for supremacy.
GBPJPY Short Term Trend: Bullish
Over the past few days, the bulls have maintained a consistent hold in the market with the price bouncing up a trend line. The EFI also maintained a positive value most of the time and quickly recovered when it dropped. However, on the 14th of September, the market plummeted below the trend line and the MA period 9 (Moving Average) to swing the market in the bears’ favor. The 151.130, however, helps the bulls in resisting the bearish pressure and overturning the market in favor of the buyers. Hence, the EFI force line has climbed back to a positive value.
Price is currently ascending after resisting another fall. GBPJPY will be looking to break through the triangle to reach 153.500.
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