GBPJPY Price Analysis – April 23
The Bears’ momentum is weak at $145 level and that is what caused present consolidation at that level. The bearish breakout of the price at $145 price level is highly envisaged and that will expose the demand level of $143.
Supply levels: $148, $150, $152
Demand levels: $145, $143, $141
GBPJPY Long-term trend: Bearish
GBPJPY is bearish on the long-term outlook. GBPJPY has been bearish for more than five days ago. The bears rejected the breakout at the upper trend line of the symmetrical triangle formed a few weeks ago. The price has been reduced to $145 level. The Bears’ momentum is weak at this level and that is what caused present consolidation at that level.
At the moment, GBPJPY is trading in-between the 21 periods EMA and 50 periods EMA. The two EMAs are still flat horizontally on the chart showing no direction; it implies that sideways movement is ongoing in the GBPJPY market. The Stochastic Oscillator period 14 is at 20 levels with the signal lines point down to indicate a sell signal. The bearish breakout of the price at $145 price level is highly envisaged and that will expose the demand level of $143.
GBPJPY medium-term Trend: Bearish
GBPJPY is bearish on the medium-term outlook. A bearish reversal pattern formed on April 15 at the point of the drawn trend line dropped the price at the level below $145. GBPJPY broke down the demand level of $145.
The 21 periods EMA has crossed down the 50 periods EMA in which the currency pair is trading below the two EMAs.
However, the stochastic Oscillator period 14 is at 30 levels pointing to the north to indicate a buy signal.
Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.