{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/gbpjpy-price-is-set-to-trade-downhill\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/gbpjpy-price-is-set-to-trade-downhill\/","headline":"GBPJPY Price Is Set to Trade Downhill","name":"GBPJPY Price Is Set to Trade Downhill","description":"GBPJPY Analysis – Market Makes U-Turn to Plunge Downward GBPJPY price is Set to trade downhill as the market makes a u-turn following a hit at the upper trend channel. The bulls have been on a great run for the past few weeks, with the buying strength increasing progressively. Upon price closure at the upper […]","datePublished":"2022-10-06","dateModified":"2022-10-06","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"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.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2022\/10\/G1.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2022\/10\/G1.png","height":565,"width":1194},"url":"https:\/\/forexschoolonline.com\/gbpjpy-price-is-set-to-trade-downhill\/","about":["Forex Strategies","Forex Trading Tools","FX Technical Analysis","GBPJPY","Price Action Charts in Focus","Price Action Trigger Signals","Trade Idea"],"wordCount":368,"keywords":["Daily Chart","Forex","forex price action","FX Technical Analysis","GBPJPY","Market Anticipation","Market Expectation","Technical Analysis"],"articleBody":"GBPJPY Analysis – Market Makes U-Turn to Plunge DownwardGBPJPY price is Set to trade downhill as the market makes a u-turn following a hit at the upper trend channel. The bulls have been on a great run for the past few weeks, with the buying strength increasing progressively. Upon price closure at the upper trend channel, the sellers are already opening opportunities and this could be a result of pending orders above the upper trend channel. This can therefore put a stop to the bullish liquidity flow and thereby cause bearish displacement to be seen on the GBPJPY price. Traders should therefore be alert for a bearish drop on the daily chart time frame.GBPJPY Market LevelsResistance Levels: 168.120, 160.730Support Levels: 156.240, 149.020The bull traders gathered enough momentum after the price plunged in September. The currency pair has been bouncing between the downward trend channel following buying activity from 156.240 key zone in May 2022 to 168.120 key zone. The market has since then been sustained in a descending channel. As of September 2022, the sellers traded price value with strong momentum, which eventually broke down beyond the 156.240 key zone.As the sellers decided to trade with sharp liquidity volume, the buy traders decided to follow the same route by filling up the liquidity void created by the sell traders. Price momentum is currently held back from riding up to the 168.120 key zone as buying strength stops at the upper trend line. The Chaikin Money Flow is gradually declining as sellers begin to set up price moments on the daily chart.Market ExpectationBuyers are still reacting to the upper trend line, which is acting as a strong price resistance at the moment. The RSI (Relative Strength Index) on the 4hr chart shows buying strength has come to a close as a cross is seen in the upper region. The Chaikin Money Flow Index also shows a price drop in buying momentum. The sellers are more likely to set price orders down to the lower trend line in the coming days.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."}