GBPJPY Price Reversed to Retest the $135 Level Author: Azeez Mustapha Last Updated: 09 July 2019 GBPJPY Price Analysis – July 09 Strong pressure from the Bears may break down the demand level of $135 and the price will be exposed to the $130 level. In case the Bulls continue to defend the $135 level consolidation may continue. GBP/JPY Market Key levels: Supply levels: $138, $141, $143 Demand levels: $135, $130, $127 GBPJPY Long-term trend: Ranging On the long-term outlook, GBPJPY is still moving on the sideways movement. The Bulls continue to defend the demand level of $135 and the Bears have not gained enough momentum to break down the demand level of $135.The momentum of both the Bulls and the Bears still remain at equilibrium. There was no significant movement last week on GBPJPY market. Today, another daily bearish candle emerged. GBPJPY Daily chart, July 09 It is only when the Bears gain enough pressure, penetrate the demand level of $135 downside, then the price will be decreased towards $130 demand and this may be its target. Should the demand level of $135 holds and the Bulls gain more momentum, the price may bounce up towards $138 level. The Stochastic Oscillator period 14 is above 25 levels and the signal lines pointing up to indicate a buy signal. GBPJPY medium-term Trend: Bearish GBPJPY is bearish on the medium-term outlook. On July 03 the pair bottomed at $135 demand level. The Bearish momentum failed to break down the $135 demand level. The Bulls slowly pushed up the price towards the $138 level but later interrupted at the dynamic support and resistance level. The GBPJPY market opened today with a bearish reversal candle pattern called “Tweezer Top”. The Bears returned the price below the EMAs. GBPJPY 4-hour chart, July 09 The currency pair is trading below the 21 periods EMA and 50 periods EMA currently. The Stochastic Oscillator period 14 is below 75 levels and the signal lines pointing down to indicate a sell 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.