GBPJPY Is Set for a Drop as the Market Drills at the Support

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GBPJPY Analysis – August 28

GBPJPY is set for a drop as it keeps drilling hard at the 159.6800 support level through the use of a descending triangle chart pattern design. The trend took shape instantly, and the market was not allowed to ascend too far beyond the 167.8100 resistance level. Hence, the price dropped. The second immediate attempt was stopped firmly at the resistance level. Subsequent attempts were lower till this became a trend to create a triangle shape design.

GBPJPY Major Levels

Resistance Levels: 167.8100, 164.0000
Support Levels: 159.6800, 156.0300

GBPJPY Long-Term Trend: Bearish

The bullish fervour of GBPJPY is once again being gradually converted into a bearish event. The first time happened in late April when great strength was expended by the bears to pierce through several key levels, including 159.680 zone, which was acting as a supply zone. GBPJPY pumped to reach 167.8100. GBPJPY was rejected with the same intensity with which it rose in the market.

Thereafter, it was all downhill for the buyers till the market was submerged below the 159.680 key level. The buyers did not relent. they got a refuel of strength at 156.0300, thereby spiking back upward and toward the 159.6800 resistance. However, the same scenario is now repeating itself as the bears’ drill lower. The MA period 40 (Moving Average) has risen above the higher timeframe candlesticks to further put selling pressure.

GBPJPY Short-Term Trend: Bearish

GBPJPY is also sliding downward on the four-hour timeframe, so the 159.6800 support has to bear the strain of the descending pressure. The MA period 40 is also above the 4-hor andlesticks. While the Stochastic Oscillator lines are currently dipping to an oversold region, in short, all the odds are against the buyers and the market is expected to breach the 159.6800 zone, even if it will recover later.

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