GBPJPY Buyers Need a Strong Confidence Boost

Market Analysis – Buyers Show Resilience 

GBPJPY buyers need a strong confidence boost. The pair has seen solid buying activity this week, with buyers raising the bar higher. Currently trading around the 192.140 significant level, the buyers have shown determination to push the price higher. However, there have been attempts by sell traders to sabotage the market, resulting in sluggish bullish momentum. 

GBPJPY Key Levels

Resistance Levels: 193.750, 189.820 
Support Levels: 188.070, 184.910

The buyers in the GBPJPY pair have been aiming to breach the 193.750 significant level, but their attempts have been held down. The sellers have been seeking a drawback, causing the bullish momentum to slow down. Last month, the buyers showed more confidence as liquidity flowed through the 189.820 significant level.

However, their attack was suspended as the sellers penetrated the flow. This led to GBPJPY losing value and falling back to the 189.820 market level.

This month, the buyers have embarked on a journey of recovery, with their current stance set on heading through the 193.750 significant level. However, to achieve this breakthrough, buyers need to be more confident and assertive in their trading decisions.

Market Expectation 

The sellers in the GBPJPY pair are actively seeking a drawback, indicating their desire to push the price lower. This puts pressure on the buyers to regain their confidence and strength to reclaim the 193.750 key level. The momentum indicator is gradually rising, indicating that the buyers are making efforts to regain control.

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