Market Analysis: GBPJPY Market to Commence New Bearish Momentum
The GBPJPY pair has recently deviated from its previous bullish trend, marked by a noticeable shift in market sentiment. This change was highlighted by a series of significant bearish candlesticks, interrupted only by occasional bullish retracements. The downward movement found support at the 179.980 level, from which a temporary bullish trend emerged.
GBPJPY Significant Zones
Resistance Levels: 199.840, 208.000
Support Levels: 188.670, 179.980
However, after the price surpassed the 188.670 threshold, the recovery began to lose steam. This weakening bullish momentum suggests that the market may be inclined to revert to its initial bearish trend. The 4-hour chart reveals this bearish transition more clearly, as the previously intact 4-hour bullish trendline was breached. This shift is further supported by the daily Moving Average. As the price dips below this key indicator, it signals a bearish trend, aligning with the broader market outlook.
The breach of the bullish trendline on the 4-hour timeframe is expected to trigger significant bearish momentum, with these developments likely to become more pronounced on the daily chart, reinforcing the bearish perspective.
Market Expectation
Caution is advised as it is essential to monitor the interplay between short-term fluctuations and daily trend confirmation. Given the currency pair’s volatility, keeping a close watch on the Moving Averages and other technical indicators, along with tracking reliable forex signals, could provide valuable insights into the evolving market price action.
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