GBPJPY Analysis – May 20
The bearish impact of the 162.000 key level will provide more selling opportunities for sell traders. The bulls have conceded defeat by failing to push the tendency of GBPJPY value far above the 162.000 key zone. After the candlestick pulled through this structure, the selling pressure plunged the currency pair value below 162.000. Further displacement will plunge it further to 155.500.
GBPJPY Price Levels
Resistance Levels: 168.580, 162.000
Support Levels: 155.500, 148.880
GBPJPY Long Term Trend: Bearish
The 155.500 critical zone price rejected the selling impact, thereby limiting the selling impact on GBPJPY. The buyers corrected the price tendency to retest the 162.000 level, and as a result of this, the sell traders set in with a strong bear candlestick which engulfed the buyers. This, therefore, indicates the presence of more selling opportunities for sellers to trade the value of the price downward. When market makers sell short on GBPJPY, there will be a more significant price drop.
GBPJPY was technically seen in the first consolidation phase, following which as a swing in the bullish moment. However, the sellers are now influencing the major order blocks in the price structure. The Bollinger Band Indicator middle level is reacting near the 162.000 major level where the sellers reversed the price back to a bearish moment on the daily chart. Despite the buyers’ intervention, the selling pressure is set to continue.
GBPJPY Short Term Trend: Bearish
The 4-hour chart displays the price momentum trading bearish due to the sell traders’ effect. The sellers are now deciding to take the value down because of the price retest at the 162.000 key zone. The selling zone signal on the MACD (Moving Average Convergence and Divergence Indicator) shows the price value set to continue declining.
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