Technology

GBPJPY Price Is Gathering Momentum Below $135 Level to Further Downtrend

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.

GBP/JPY Market

Key levels:

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.

GBPJPY Daily chart, 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. 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.

GBPJPY 4-hour chart July 23

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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