Market Analysis – GBPJPY Remains in Consolidation
GBPJPY trades in red amidst consolidation. The bears have taken control, pushing the price down to the key level of 189.150. However, the bulls initially showed strong intentions at the start of the month, attempting to challenge the bears. Despite their efforts, they failed to break through the key level of 191.390.
GBPJPY Market Zones
Resistance Zones: 191.390, 189.150
Support Zones: 187.810, 181.050
At the beginning of the year, the GBPJPY pair witnessed a surge in bullish momentum. The buyers rose from the market level of 178.180 and showed no signs of slowing down. However, last month, the bears managed to penetrate the market, causing the price to drop to a significant level of 185.140. The buyers, determined to reclaim their strength, have since extended their power and pushed the price back up to the significant zone of 191.390. Currently, the market is in a ranging phase, with both bulls and bears vying for control.
Market Expectation
Traders can utilize the Moving Average crossing indicator as a tool to identify potential support and resistance levels in the market. When the price breaks far below these signal lines, it can be interpreted as a bearish signal, indicating a potential downtrend.
Conversely, if the price breaks above the signal lines, it can be seen as a bullish signal, suggesting a potential uptrend. Participating in trades, especially with the assistance of forex signals, can greatly enhance traders’ profitability. With the GBPJPY market currently experiencing a bearish force directing the price down to the key level of 189.150, traders should anticipate a potential breakaway or reversal shortly.
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