GBPJPY Price Analysis – July 23
Further decrease in price is expected should the Bears increase their momentum and the GBPJPY price may find support at $130 level. In case the Bears continue to defend the supply level of $135 consolidation may continue.
Supply levels: $135, $138, $141
Demand levels: $130, $127, $123
GBPJPY Long-term trend: Bearish
On the long-term outlook, GBPJPY is bearish. There was no significant movement in the GBPJPY market after the bearish momentum broke down the former demand level of $135. The Bulls and the Bears lost momentum and the price started consolidating below $135 supply level.
Further decrease in price is expected should the Bears increase their momentum and the GBPJPY price may find support at $130 level. In case the Bears continue to defend the supply level of $135 consolidation may continue. Meanwhile, the price is trading below 21 periods EMA and 50 periods EMA with the two EMAs well separated from each other as a sign of bearish momentum. The Stochastic Oscillator period 14 is at 25 levels and the signal lines pointing up to indicate a buy signal.
GBPJPY medium-term Trend: Ranging
GBPJPY is on the sideways movement on the medium-term outlook. The Bearish momentum that broke down the $135 demand level was pushing down the price towards the demand level of $130 before it was interrupted by the Bears on July 18 with the formation of a strong bullish candle. The price was pushed up to the dynamic resistance level where the bullish momentum was lost and the pair commenced sideways movement.
The currency pair is hovering over and around the 21 periods EMA and 50 periods EMA to indicate that consolidation is ongoing in the GBPJPY market.
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