GBPJPY price continues to slide following a rebound at the 153.030 support level. The market attained its bearish strength following a change in price trend following a reversal at the 158.240 price level, where pending orders were strong enough to cause a shift in price tendency. Having broken down below the 153.030 significant level, the sellers had already carried out their rebound in the market. Therefore, GBPJPY price is set to continue in bearish order flow in the market.
GBPJPY Significant Levels
Resistance Levels: 158.240, 155.230 Support Levels: 153.030, 148.950
GBPJPY Long Term Trend: Bearish
Since early June 2021, GBPJPY has been striving downward in a descending order channel. The market significantly rallied down from this channel before the bullish order was put into demand. GBPJPY flow began to push forward, and the momentum drifted up to the 158.240 significant level. However, the sellers turned the market tendency back to a bearish phase by aligning price movement downward till it finally arrived back at the 148.950 support level.
At this level, the sellers stopped pushing for a further breakthrough in the market. The bulls and bears are now seen engaging in the price tendency in the market time frame. The price analysis formed an “M” shape, indicating a bearish reversal for the market currently. The bears are now controlling the price influence on the 1-day chart. Due to the current retest, the slide should be concluded at the 148.950 support zone.
GBPJPY Short Term Trend: Bearish
The 4-hour chart in the market shows GBPJPY sliding downward following a rebound at the 153.030 significant level. The Bollinger Band indicator’s upper band also acted as a resistance zone as the price rebounded from the 153.030 key level in the market. The Relative Strength Index (RSI) shows the process is still ready to continue downward till prices arrive at 148.950 significant levels.
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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.
