GBPJPY Sellers Reassert Control as Buyers Lurk Around

GBPJPY Analysis – GBPJPY Bears Hold Influence 

GBPJPY sellers reassert control as buyers lurk around. This week, the market has been like a war zone, with buyers and sellers fighting for control for weeks. Let’s look at the charts and see who might win as the year ends. Earlier this month, GBPJPY dropped below the 180.00 key zone. This implies that the pound was weak and the yen was strong. But then GBPJPY bounced back, towards the 182.500 key level. This means the pound is strong and the yen is weak. This shows that the buyers are not giving up, and they might push GBPJPY higher. 

GBPJPY Key Levels

Resistance Zones: 185.900, 184.680
Resistance Zones: 180.760, 178.320

The 185.00 market level was a big obstacle for GBPJPY because it stopped it from going higher before. If buyers break through this level, they will have an advantage. But if the sellers can defend this level, they will have a chance to push GBPJPY lower.

Buyers have shown strength, but sellers have not given up. Here is what to look for in the next few weeks: A break above the 185.000 price level would open the door for a possible rise to the 190.000 market zone, confirming the uptrend. On the other hand, a break below the 180.000 key level would indicate a downtrend and a possible fall to the 175.000 significant level. Traders should look out for a spike in volume on either a breakup or a down. This shows that the market is certain and powerful.

Market Expectation

Right now, the buyers have a slight edge, and with the price going up, the moving averages support them. But the sellers are still watching, and the week could be crucial in deciding the direction of the pair as the year ends.

Note: Forexschoolonline.com is not a financial advisor. Research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results