GBPJPY Price Analysis – April 16
The breakout of the price at the upper trend line will place the price at $140 – $150 while the breakout at the lower trend line of the triangle will decline the price to $143 price level.
Supply levels: $150, $152, $155
Demand levels: $148, $145, $143
GBPJPY Long-term trend: Bullish
GBPJPY is bullish on the long-term outlook. The bullish trend on GBPJPY started on January 4 and rallied up to the price level of $148 on March 01. The formation of the Doji star candle pattern reversed the price to $143 price level. On March 11, the bullish engulfing candle emerged as a bullish reversal signal candle; this returned the price to the previous high at $148. The Bulls lost the pressure and the price fell to the demand level at $145 where it started sideways movement; this has resulted in the formation of a symmetrical triangle.
GBPJPY is currently hovering over the 21 periods EMA and 50 periods EMA. The two EMAs remains flat horizontally placed on the chart showing no direction; it implies that sideways movement is ongoing. The Stochastic Oscillator period 14 is at 70 levels with the signal lines point up to indicate a buy signal. The breakout of the price at the upper trend line will place the price at $140 – $150 while the breakout at the lower trend line of the triangle will decline the price to $143 price level.
GBPJPY medium-term Trend: Ranging
GBPJPY is on the sideways movement on the medium-term outlook. GBPJPY has been on the sideways movement on the 4-hour chart. Selling and buying pressure is not that strong but rather decreasing within the symmetrical triangle. Currently, the price is rolling down towards the $145 demand level.
Meanwhile, the stochastic Oscillator period 14 is at 60 levels pointing down to indicate a sell.
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