GBPJPY Is Moving up With Difficulty; It Finds Resistance at 151.970

Market Analysis – Price Has Been Held at 151.970 as GBPJPY Is Moving up With Difficulty

GBPJPY is moving up laboriously since it bounced off the 149.640 weekly support. The market had formed a double top pattern which had plummeted the price down to 149.640 on the 20th of August 2021. Like in previous times, the support level stood strong to withstand the fall. Employing a morning star candlestick pattern, the market’s movement was reversed upwards.

GBPJPY Key Levels

Resistance Levels: 151.970, 153.500, 156.000
Support Levels: 151.500, 150.500, 149.640
The market’s downtrend movement began when GBPJPY failed at the 156.000 resistance level. The buyers have, however, used the 149.640 weekly support to keep the market afloat. Sellers remain intent on drowning the market, and they forged a double top pattern which retested at the 152.500 key level before falling with intensity. 149.640 was on hand to halt the drop again. GBPJPY is now moving up.

The price increase can be described as laborious. There was a pullback from 151.500 before the market began moving upwards, displaying a series of short bullish candlesticks, before climbing to and getting hooked below 151.970. The bulls have now spent 14 trading days moving up and haven’t gone past 151.970. The reason for this belabored movement upward is due to the heavy bearish pressure the market is subjected to.

Market Predictions

GBPJPY is now trading around the 151.970 key level and laying a siege below the downtrend line to try to break through it. As seen on the 4-hour chart, the bearish pressure is weighing on the market. The Parabolic SAR (Stop and Reverse) has a series of dots above the 4-hour candles as the trendline descends. The Elders Force Index (EFI) is currently at a negative value, which means that there are currently more bears working in the background.
This is expected because the price, which has had a laborious climb up, has met with a strong resisting confluence. The GBPJPY is expected to pull back to 151.500 for a spring up; if successful, the market will reach 153.500; otherwise, the market may fall back to 149.640.

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