GBPJPY Strength Is Aiming to Close at 160.030 Before the Bullish Takeoff

Price Analysis- GBPJPY Strength Aims to Close at 160.030 Before Bullish Take Off

GBPJPY strength is aiming to close at 160.030 before the bullish takeoff. For a short time, after price engagement around the 168.470 critical level, purchasers of the currency pair have been dumping the value. With more adverse influence, the GBPJPY market will be fully displaced down to the 160.030 critical zone. Traders ready to go long should therefore prepare to sail in after the price reaction at the 160.020 critical level.

GBPJPY Trade Levels

Resistance Levels: 168.470, 160.030
Support Levels: 155.520, 148.640
A quick sideways movement occurred around the 148.640 key level before price expansion up to the 160.030 key zone in September 2021. Following a touch at this level, the bears manipulated the price back to the 148.640 key level, and the cycle repeated itself until buyers expanded beyond the 160.030 key level. But the price went back to 160.030 for a retest, which shows that traders who wanted to sell stepped in.

A further rise was therefore seen as there was bullish manipulation and the price extended up to the 168.470 key zone. From here, we saw the presence of sellers’ call shots on the GBPJPY market. The sellers are currently causing a plunge back to the 160.030 key zone of the market. The Parabolic SAR (Stop and Reversal) indicator shows a bearish appearance and is disposed downward on the daily chart.

Price Expectation 

The selling moment is therefore set to expand downward before buyers can eventually enter the market. The price oscillator is still below the buying region as the sellers continue to move the GBPJPY price. A drop is anticipated to the 160.030 key zone before a shift in price tendency.

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