GBPJPY Struggles to Rally

Market Analysis – GBPJPY Bulls Face Resistance

GBPJPY struggles to rally as sellers start showing interest. The pair has been facing challenges in its attempt to rally, with the bulls struggling to gain momentum. Sellers have been putting up a tough fight, resulting in a continued struggle in the market. Over the past few months, GBPJPY has been trapped within firm key levels, specifically between the 188.900 and 178.130 significant levels. The market has been range-bound, with sellers pushing back after buyers failed to break above the 188.900 level. 

GBPJPY Key Levels

Resistance Levels: 188.900, 184.550
Support Levels: 181.700, 178.130

After a heavy decline, the bulls managed to build a stronghold and initiated a rally in early January. Towards the end of the first month of 2024, the bulls once again approached the key level of 188.900. However, they were repelled lower, creating a point of struggle for traders in the market. To make a breakthrough, the Bulls need to regain a stronger pace. On the other hand, if sellers pose a serious threat, the market may fall back below the significant zone of 185.550.
 
Given the challenging market conditions, traders can benefit from utilizing forex signals to make informed trading decisions. There are several forex signals available that can provide valuable insights and analysis. By choosing the best forex signals, traders can gain a better direction and increase their chances of success despite the struggling market.

Market Expectation 

The Stochastic Oscillator is still pulling lower as the price struggle continues on the daily market time frame for GBPJPY. This indicates a bearish sentiment and suggests that the buyers will need a stronger resolve to make a solid statement in the market.

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