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GBPJPY Bears Wield Stronger Influence With Double Top Formation

Johnathon Fox
03/02/2022 | UPDATED ON: 03/02/2022

GBPJPY Analysis – Bears Wield Stronger Influence as Price Seeks to Break 153.280

GBPJPY bears now wield a stronger market influence after forming a double top chart pattern. Until now, buyers were seen to control the price as they utilized the support strength at 153.280. Their failure to immediately break through the resistance level at 158.060 leads to a drop back to the support, and a second breakout failure plays into the bears with a double top pattern.


GBPJPY Key Levels

Resistance Levels: 160.040, 158.060, 156.030,
Support Levels: 153.280, 149.500, 148.490
GBPJPY Bears Wield Stronger Influence With Double Top FormationThe 153.280 fundamental level has been critical to GBPJPY movement. From mid-July 2021 to early October 2021, it acted as a limiting level for the market. When it was eventually breached, it alternated as support and resistance to price movement. By late January 2022, it solidified as support, cutting off the movement of GBPJPY below it and supporting the effort of the bulls to break the 158.060 resistance.

The failure of the bulls to mount sufficient pressure on the resistance means the pressure is back on the support level. And with a double top formation, bears are set to break through it downward. The bearish indicators are well spelt out. The MACD (Moving Average Convergence Divergence) has switched to bearish bars to accompany a downward cross. The MA Cross (Moving Average) is also downward.

GBPJPY Bears Wield Stronger Influence With Double Top FormationMarket Expectations

The breakpoint for the market is when the price trades below the uptrend line, thereby altering the market’s direction. The 4-hour chart shows that the second test on the 153.280 fundamental level has violated it. GBPJPY is now back to retest the price line from below, which should trigger a free fall to 149.500. The Moving Averages remain above the market as resistance while the MACD lines have plunged well below zero.

Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

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