GBP/JPY Price Prediction – April 25
The GBP/JPY market now resorts to a downward correction after a long visible line of maintaining series of up-swings.
GBP/JPY Market
Key Levels:
Resistance levels: 152, 153, 154
Support levels: 147, 146, 145
GBP/JPY – Daily Chart
The GBP/JPY daily chart shows that a lot of trading activities have featured in the currency pair around the levels of $152 and $150 over a couple of sessions. In the past, most of the candlesticks showed up on the buy signal side of the smaller SMA indicator. But, now, price has reversed against the uptrend to trade along with the 14-day SMA trend-line over the 50-day SMA indicator. The Stochastic Oscillators are now moving in a consolidation style around range 20 briefly into the oversold region. That suggests that the declining pressure is getting reduced on a gradual note.
Will the GBP/JPY market now come under a falling pressure below the $152 resistance?
For quite a while, the market valuation of GBP/JPY has been on a steady increase. But, now, the currency pair has to trade in between vital points of $152 and $150 in what most of the times look like correction. Being what it may, bulls will have to push up back the market line from the current lower point and eventually break through the higher point mentioned earlier.
Almost in the same vein, the two values earlier mentioned in the above paragraph will as well be instrumental in the decision making to determine the point at which bears will be taking a re-launch in the market. At this point, the lower support level of $150 requires so much effort by bears to formalize a return of downtrend of this GBP/JPY forex market.
Conclusively, the GBP/JPY bulls will have to forcefully break out the barrier of $152 level to suggest its uptrend movement continuation and, failure to achieve just that, there will be room for bears to take advantage afterward.
GBP/JPY 4-hour Chart
The GBP/JPY medium-term chart reveals that the trading pair is under selling pressure. The pressure began during the April 20 session while price lost momentum after it strived to average the $152 resistance level to now trade downward closer to a support level of $149. The 50-day SMA indicator is situated over the 14-day SMA trend-line. The stochastic Oscillators have managed to move upward from the oversold region to place around range 40. It now appears that the currency pair has to contend with the breaking of the support line earlier mentioned to signal the continuation of the current medium-term bearish run. The level of $150 needs an emergence of a bullish candlestick to form against it to be able to have a return of uptrend in this market.
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