GBPJPY - Downtrend Emerges as Price Tests Lower Levels
Generally, the direction: The overall direction appears to be shifting towards a downtrend, with the price weakening after failing to maintain levels above the resistance zone and now testing lower levels.
Uptrend Side: To resume an uptrend, the price must break and hold above 203.054. Further resistance levels to overcome are 204.069 and 205.176. Sustaining above these levels could lead to testing for higher resistance at 206.792 and beyond.
Downtrend Side: The downtrend will be confirmed if the price closes below key support levels. The first support is at 202.239. A close below this level will likely lead to further declines. The next significant support is at 201.437. Breaking this level could accelerate the downtrend, with further support at 200.590. A close below this could see the price moving towards 198.287 and possibly lower.
Tendency Keys: 203.054
Uptrend Side: To resume an uptrend, the price must break and hold above 203.054. Further resistance levels to overcome are 204.069 and 205.176. Sustaining above these levels could lead to testing for higher resistance at 206.792 and beyond.
Downtrend Side: The downtrend will be confirmed if the price closes below key support levels. The first support is at 202.239. A close below this level will likely lead to further declines. The next significant support is at 201.437. Breaking this level could accelerate the downtrend, with further support at 200.590. A close below this could see the price moving towards 198.287 and possibly lower.
Tendency Keys: 203.054
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