GBPJPY Sellers Lose Strength

Market Analysis – Price May Continue Sideways 

GBPJPY sellers lose strength; buyers attempt to bounce. The pair has been experiencing a lack of clear direction since November. Both buyers and sellers have been engaged in a tug of war, resulting in a sideways market and indecision. The buyers have struggled to break above the 188.900 resistance zone, as the sellers have shown interest in defending that level. Similarly, the sellers have been unable to push the price below the significant level of 184.500, indicating a limited range of trading activity.

GBPJPY Key Levels

Resistance Levels: 188.900, 185.900
Support Levels: 182.800, 178.090

Currently, the buyers are attempting to drive the market back into the sideways phase. However, before they can successfully penetrate the 185.900 significant zone, the sellers still have a decision to make. If the sellers’ intensity surpasses that of the buyers, we may see more selling pressure in this market.

The Price Oscillator indicator on the daily chart shows a lower pace this time, with the signal line approaching the 0.00 line. This suggests that sellers may have been missing the flow again this week. The momentum indicator continues to decelerate towards the lower region.

Market Expectation

On the 4-hour chart, sellers are facing limited opportunities to push the price lower. Buyers are willing to take the trade back into the sideways phase. Traders who are looking for a dip should anticipate a drop below the significant level of 184.500 this week.

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