Market Analysis – GBPJPY Sellers Aim to Take Control
British Pound Weakens Below 191.240 Key Level. Despite the recent attempts by buyers to pull the price back, their strength has been insufficient to sustain a bullish rally. In the past few days, the Pound has gained ground against the Japanese market, but it has once again been forced to retreat. The significant resistance at the 191.240 level has kept the buyers out of the scene, indicating that their influence was only temporary.
GBPJPY Key Levels
Resistance Levels: 191.560, 191.240
Support Levels: 187.680, 185.060
The buyers have shown strong resilience and made some progress in the previous week. A buy rally was observed from the 187.680 significant level, with the bulls pushing the price higher. However, their momentum was halted as they faced resistance at the 191.560 significant level.
This resistance provided an opportunity for the sellers to swing back into action, leading to a decline below the 191.240 key zone. Despite the buyers’ efforts to regain control, they have been unable to overcome the 191.240 key level. This moment could be what the sellers have been waiting for, especially since the buyers are being rejected.
The 191.240 level has proven to be a significant resistance point for buyers. Their inability to break above this level indicates a shift in market dynamics and a potential takeover by the sellers. Traders will closely monitor this level to determine if the buyers can regain their strength or if the sellers will continue to dominate the market.
Market Expectation
The RSI is very likely to cross below the mid-range, indicating a potential increase in sell intensity. This suggests that the sellers are gaining momentum and that the market sentiment is tilting towards the selling side. Traders will closely monitor the RSI for confirmation of this bearish sentiment. On the Japanese market, the pound is likely to experience a temporary decline as selling pressure increases. This indicates that the pound may weaken further in the near term.
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