GBPJPY Strength Held Down by Buyers as Price Plan for a Fallout

GBPJPY Analysis – Sellers Are Now Preparing for Bearish Fallout Amidst Pullback

GBPJPY strength held down by buyers as price plan for the fallout. The sellers are quite informed of the buyers’ decision to pick up the buying strength following the selling fallout on the currency pair. Buyers are still keeping their heads up because the price is currently reacting close to the 160.951 key zone. However, they can prove to give a tough time and this can influence buyers’ decisions for pullback alone. The bearish momentum is currently on the decline on the daily chart as a pullback is correcting the price fallout in the market.

GBPJPY Key Zones

Resistance Zones: 167.6330, 160.7510
Support Zones: 154.6190, 148.9670

The price movement since June 2022 has been a descending bearish movement. As the price continues to rally in highs and lows within the descending channel, the technical picture suggests a market swing. However, over time, the selling outpost overtook buying activities as GBPJPY sellers caused a surge downward in the middle of September 2022. The price rallied downward to hit a low of 154.6190, the key level. This, however, made it difficult for buyers to fill up the selling strength created by the selling merchants.

The sellers are already making another shot as a bearish rally is seen close by. The sell trade has broken beyond the 160.9510 significant zones. The buyers are holding back. Nevertheless, we still anticipate more bearish dominance beyond this key zone in the GBPJPY market. The Stochastic Oscillator is currently in an overbought line as the pullback is still pushing back to the 160.9510 key level. The Money Flow Index still shows us that price momentum is still strengthening with the selling force on the daily chart.

Market Expectations

The buyers are currently preventing bearish sales from moving lower, as this has caused a reduction in the selling momentum. However, sell traders are still looking for more fallout on the currency pair. The price is thus expected to fall back to the 154.6190 key zone.

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