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GBPJPY Price Broke Down Demand Level of $130, Targeting $127

GBPJPY Price Analysis – August 07

The Price started consolidating near the demand level of $127. It seems the bearish momentum is getting weak gradually. There is a tendency for the price to reverse at the demand level of $127 should the Bulls defend the level.

GBP/JPY Market

Key levels:

Supply levels: $130, $135, $138
Demand levels: $127, $123, $120

 

GBPJPY Long-term trend: Bearish

GBPJPY is bearish on the long-term outlook. Bearish momentum increased in the GBPJPY market. GBPJPY reached the previous low, the demand level of $130 and the Bears were able to penetrate the level, moved down towards the demand level of $127. The Price started consolidating at the mentioned level. It seems the bearish momentum is getting weak gradually.

GBPJPY Daily chart, August 07

The 21 period EMA and the 50 periods EMA are bending towards the south, price action direction and the currency pair continues trading below the two EMAs at a farther distance from each other which indicates that bearish momentum is increasing. There is a tendency for the price to reverse at the demand level of $127 should the Bulls defend the level. Meanwhile, the Stochastic Oscillator period 14 is below 20 levels (oversold level) and the signal lines bending up to indicate a buy signal.

GBPJPY medium-term Trend: Bearish

GBPJPY is bearish on the medium-term outlook. After the bearish breakout at the former demand level of $135, the Bears have been in control of the GBPJPY market. The price declining steadily, broke down the former demand level of $130. The price is currently approaching the demand level of $127 which is a bullish potential reversal zone.
The currency continues trading below the 21 periods EMA and 50 periods EMA to indicate that the Bears are in control of the market.

GBPJPY 4-hour chart, August 07

The stochastic Oscillator period 14 is below 75 levels and the signal lines bending down to indicate sell signal and a further reduction in price.

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