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GBPJPY Price Reversed to Retest the $135 Level

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.

 

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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.