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GBPJPY Price May Break Down 135 Level and Targets $130

GBPJPY Price Analysis – June 25

In case the Bulls were able to break down the demand level of $135, the coin will target $130 demand level. Should the demand level of $135 holds the price may reverse and target $138 level.

GBP/JPY Market

Key levels:

Supply levels: $138, $141, $143
Demand levels: $135, $130, $127

 

GBPJPY Long-term trend: Bearish

On the long-term outlook, GBPJPY is bearish. On June 11, a bearish reversal candle pattern formed called Tweezer top; this pattern triggered the resumption of bearish movement towards $135 demand level. The Bearish pressure increased and the mark was reached. The Bears lose their momentum immediately the mark was reached and the pair started consolidating at the level. Last week, there was no significant movement.

GBPJPY daily chart, June 25

Both the Bearish pressure and the bullish momentum are weak and the price remains its trade below the 21 periods EMA and 50 periods EMA. However, the Stochastic Oscillator period 14 is at 40 levels and the signal lines pointing up to indicate a buy signal. In case the Bulls were able to break down the demand level of $135, the coin will target $130 demand level. Should the demand level of $135 holds the price may reverse and target $138 level.

 

GBPJPY medium-term Trend: Bearish

On the medium-term outlook, GBPJPY is bearish. The Bear continue dominating the GBPJPY market. The currency pair price is decreasing towards 4135 levels. Immediately the price reached that level, it began consolidation. The currency pair is hovering over the 21 periods EMA and 50 periods EMA.

GBPJPY 4-hour chart, june 25

The Stochastic Oscillator period 14 is at 25 levels and the signal lines pointing down to indicate a sell signal.

 

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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.