Skip to content
GBPJPY

GBPJPY Sellers Test the Market’s Resolve With Another Triangle Pattern

Azeez Mustapha
Updated 1 min read
Article Rating:
Based on 1 vote
Login to rate this article.
GBPJPY Sellers

GBPJPY Analysis – August 12

GBPJPY sellers are testing the market’s resolve by repeating a recent trick of the descending triangle pattern. The bulls ensured the market did not go down after a similar challenge was posed in the market. However, the inability of the price to progress beyond the 167.810 resistance level has given the sellers another opportunity to influence the market.

GBPJPY Major Zones

Supply Levels: 164.000, 167.810
Demand Levels: 159.680, 161.650

GBPJPY Sellers

GBPJPY Long-Term Trend: Bearish

The 159.680 price level remains a major benchmark level for the GBPJPY market. It kept the market below it for a long time. Soon after, the buyers got a breakthrough above it. It also helped keep the price above it. The sellers are agitated and have been working on plunging the market back below 159.680, which is now acting as a support level.

The use of a triangle pattern seemed to work till buyers found the strength to return above the key level. Three months have passed now and the bears are back to test the market’s resolve using a similar triangle pattern. The RSI (Relative Strength Index) line has been continually making lower highs and lower lows to show the progressive impact the sellers are making.
GBPJPY Sellers

GBPJPY Short Term Trend: Bullish

The MA Cross (Moving Average) is making its crosses at a progressively downward slant to show the bearishness. However, in the short term, GBPJPY is set to push upward to 164.000, but it is not likely to rise beyond the upper border of the triangle pattern. This will mean the market will make a lower high. Currently, 161.650 is the support level of the market. If bears finally break it, they still have to contend with 159.680, and if they break through also, the market will fall hard.


You can purchase Lucky Block – Guide, Tips & Insights | Learn 2 Trade here. Buy LBLOCK

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
8cap
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Trade Now
avatrade
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
Trade Now
avatrade
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
Trade Now
avatrade
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Trade Now

More GBPJPY