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GBPJPY Price Analysis – August 13
The 153.450 barrier rebuffs the bulls’ advances, thereby confining the market to a ranging movement. The past two and half months have overseen strong actions by the bears and then the bulls. The price plunged strongly and then was pumped up with equal intensity. Moreover, for the past three weeks, the market seems to be settling into consolidation. The last action of the buyers saw the guppy spring of the 148.440 key support. Bulls have, however, been limited to 153.450.
GBPJPY Key Levels
Resistance Levels: 153.450, 156.000
Support Levels: 152.000, 148.440
GBPJPY Long Term Trend: Ranging
The 153.450 price level has been very influential in directing market movement since the end of the first quarter of the year. It was responsible on two occasions for causing the Guppy to strongly plummet – on the 6th of April and recently on the 13th of July. It has now acted as a barrier to stop the resurgence of the bulls twice in quick succession – on the 29th of July and on the 11th of August 2021.
The Bulls, however, have the 152.000 support level to their advantage. Just like the 153.450 barrier, it has been influential throughout the year in opposing the bears and lifting the market. Currently, it also ensures that the guppy does not slump downward. Currently, the market is falling from 153.450, trading around 152.198. The Relative Strength Index shows that for the past three weeks, price has been undulating between two fixed levels above and below the zero mark.
GBPJPY Short Term Trend: Bearish
On the 4-hour chart, the market has formed a double top chart pattern and is currently on a decline. The MA period 9 (Moving Average) has climbed above the 4-hour candlesticks to confirm price fall. However, the Relative Strength Index indicator has its signal line currently at the 31 mark. This is just a little above the oversold region. The fall in price to the 151.200 support will likely coincide with the plunge of the RSI signal line into the oversold region.
This helps us to foresee that at 151.200, GBPJPY will likely reverse upward towards 153.450.
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