Forex Trading: GBPJPY Price May Reach $143 Level

Forex Trading: GBPJPY Price May Reach $143 Level
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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.

GBP/JPY Market

Key levels:

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.

GBPJPY Daily chart, April 23

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.

GBPJPY 4-hour chart, April 23

However, the stochastic Oscillator period 14 is at 30 levels pointing to the north to indicate a buy signal.

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About AzeezMustaph

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Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management