GBPJPY Price Continues to Melt Down in Bearish Supply

Updated:

GBPJPY Analysis – May 13



GBPJPY price action seems to be overwhelmed by the bearish sentiment. There has always been a significant drop in the pair as the dollar’s strength continues to diminish. The GPJPY sellers are therefore taking the price order back to fill in all the voids created by price sentiment in the bullish trend. Traders should expect more price drops as the pair approaches the 153.150 key level.


GBPJPY Important Zones

Resistance Zones: 168.520, 159.730
Support Zones: 153.150, 148.780

GBPJPY Price Continues to Melt Down in Bearish SupplyGBPYPY Long Term Trend: Bearish

GBPJPY first attempted accumulation as the prospect was assembling price moments in a brief consolidation between 148.170 and 153.150. The bulls then prepared a breakout above the 153.150 key level into the price trending phase. This is where the bulls and the bears begin to play the strength of the price tendency. The buyers ultimately took the trophy of yielding price action forward.

The bulls continued to trend as the GBPJPY raced upward beyond the 159.730 significant level. The bullish race came to a verge after the buyers failed considerably to value the price tendency above the 168.520 resistance zone. As a result of the bearish supply overwhelming the pair, the price begins to meltdown. Even though the price was initially settled in bullish sentiment, the True strength indicators show that the bears are still causing significant disruption. The Moving Average Indicator also supplies crosses in a downtrend.

GBPJPY Price Continues to Melt Down in Bearish Supply GBPJPY Short Term Trend: Bearish

After a long trend of bullish displays, on the 4hr chart, the price is now constantly dropping and is currently below the 159.730 key level. The buyers are still aiming to push the price level up before a more bearish supply overwhelms the market. Traders should anticipate a price retracement close to the 159.730 resistance level before the bearish meltdown continues.

How To Buy Lucky Block 

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.