GBPJPY Market Pressure Curbs Buying Strength

GBPJPY Analysis- GBPJPY Market Pressure Curbs Buying Strength to Break Above the 164.550 Key Level

GBPJPY pressure curbs buying strength to break above the 164.550 key level. A strong resistance key level has been established on the GBPJPY price action. A signal of price rejection has been detected around the current price level. The buyers were rejected when they tried to engage the currency pair above the 164.550 key zone. This, however, gave room for selling suspension on the daily chart back to the 160.430 significant zone.

GBPJPY Key Levels

Resistance Levels: 168.440, 164.550
Support Levels: 160.430, 148.900

GBPJPY buyers were trying to break through the 164.550 significant zone while the Stochastic Oscillator Indicator was pointing its price signal towards a selling direction. However, following the drop by the sellers back to the 160.430 key zone, the stochastic indicator already points in a direction as sellers are now in an oversold region. Therefore, with more momentum added by the buy traders, there will be an influx of buying orders which will break over the 164.550 key zone.

GBPJPY buyers with more contributions will suspend selling pressure. After a bearish ride from the 168.440 key zone, the buyers can still project their sales back to this key zone. Firstly they must break through the 164.550 key zone of the GBPJPY pair. Therefore, buyers are expected to push the price upward and suspend selling pressure.

Market Expectations

GBPJPY 4hr chart indicates that the buyers are already pushing the value of the price higher as the price is set to break beyond the 164.550 key level. The Price Oscillator still shows the interaction of the sellers despite the buyers gaining impetus. A break beyond the 164.550 key level is therefore expected. According to the four-hour chart, buyers are already pushing the value of the GBPJPY price higher, which indicates that the price is getting ready to breach the 164.550 key barrier. Although buyers are gaining momentum, the Price Oscillator continues to suggest interaction between sellers. It is consequently anticipated that the key level of 164.550 will be broken.

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