GBPJPY Sellers Retreat as Buyers Take Turn

Market Analysis- Sellers Slips Out of the Scene

GBPJPY sellers retreat as buyers take turns. The market has witnessed an insane drive between the bulls and bears, with each side trying to assert dominance. The recent price action has seen the sellers retreat, allowing the buyers to take the lead. The bulls have made their presence felt by pushing the price back to the significant level of 189.640.

GBPJPY Key Levels

Resistance Levels: 189.640, 190.000  
Support Levels: 185.240, 181.080

 
However, it is important to note that this does not confirm a complete shift in sentiment towards bullish dominance. A breakout beyond the key level of 189.640 will be the determining factor for the next course of action.
 
After a period of dominance, the sellers have finally found some relief as the buyers struggle to maintain their position above the 190.000 market level. The bears have been relentless in their attempts to push the price lower, countering every bullish effort.

However, the tide seems to be turning in favor of the bulls. The GBP has shown significant strength since the beginning of this year, in contrast to the end of 2023, when the sellers managed to pull the price down to the 178.780 market level. The resurgence of the bulls has provided them with an opportunity for a solid upward expansion.

March has witnessed a renewed attack from the buyers, as they have managed to pull the price down to the significant level of 187.940. While the momentum indicator suggests a decline in pressure, the bulls are regaining their strength. The stochastic oscillator is on the rise again, indicating the resurgence of the buyers. Market participants can utilize available signals to navigate the market and minimize potential losses.

Market Expectation 

The recent price action has seen the sellers retreat, allowing the buyers to make a comeback. However, a breakout beyond the key level of 189.640 will be crucial in determining the next course of action.

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