GBPJPY Sellers Are Set to Suspend Bullish Progress

GBPJPY Analysis – April 22

GBPJPY sellers are set to suspend bullish progress in the market. The buyers’ advancement is currently on hold in the market, which implies that the bulls cannot push the tendency of price forward. The sellers are presently holding the price in their domain and are planning to expand the price back to the 164.210 key zone of the market. After this price pullback, traders should expect a bullish run as the tension rises in the GBPJPY market.

GBPJPY Market Zones

Resistance Zones: 164.210, 159.130
Support Zones: 152.980, 148.890

GBPJPY Long Term Trend: Bullish

Before the buyers settled for a long time to make bullish progress in the market, there had long been manipulations of price inclination in a sideways market. The buyers and the sellers adapt to the ranging price seasons. The price moved in a sideways market between 148.890 and 159.130, which is significant in the market. However, within this ranging period, both prospects had their own manipulation in price tendency.

After a long series in the market, a breakout caused by the bulls was visible. The price broke through the 159.130 significant level in the market. The sellers’ having held price tendency at these levels also enhanced the bullish growth in the market. Following the sellers’ retest, the bullish continuation continued upward to 164.210, a significant level in the market. The sellers are already bringing the price back to rebound before another order flows into the market. The Stochastic Oscillator shows the price trend is overbought as the pullback remains certain in the market.

GBPJPY Short Term Trend: Bullish

The 4-hour chart shows the price pulling back to the 164.210 significant level of the market. The sellers aim to drop the price before another bullish order begins in the market. The Parabolic SAR (Stop and Reverse) indicator shows price trading towards the 162.210 significant market level before bullish progress is made.

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