GBPJPY Bulls Are Discouraged as Sellers Take Control

Market Analysis – Price Faces Rejection

GBPJPY bulls are discouraged as sellers take control. The GBPJPY market has seen a lack of bullish participation this week. It is also clear that buyers are showing signs of exhaustion after reaching the significant level of 180.000. Despite their efforts to push the price higher, the GBPJPY market has faced rejection. The sell trend gained momentum in December following a significant drop from the 184.250 zone. Bearish momentum has been building since November, resulting in a fall below the 190.000 price zone.

GBPJPY Key Levels

Resistance Levels: 184.250, 180.050
Support Levels: 178.620, 168.270

GBPJPY Long-Term Trend: Bearish

Although bearish dominance has been held off for a few days, sellers are attempting to regain control. Throughout this week, the GBPJPY market has been relatively quiet, lacking significant momentum. Today, the market opened with a drop initiated by sellers, aiming to breach the key level of 178.620. The sellers still maintain control over the price flow despite low liquidity, as confirmed by the Relative Strength Index (RSI).

As the momentum indicator gradually gains ground, it suggests that sellers are regaining momentum in the market. However, the current market phase can be described as consolidating. Both buyers and sellers are currently at equilibrium, anticipating a breakout in the near future.

GBPJPY Short-Term Trend: Bearish

The short-term projection for this currency pair is bearish. The sellers are more likely to gain ground again very soon. If that happens, the selling momentum is bound to increase.

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