Technical analysis of GBPJPY Today I choose GBP/JPY for technical analysis. GBP/JPY market price is currently falling. The dawn trendline is helping push the price lower. So this time the market price is falling with the help of the trend line. After reaching the trendline resistance at 199.50, this resistance level was rejected and the market price started to decline. This level is very important, if the market price gets too close and breaks the trend line, the market price will start to rise again but will not rise. The market price rejects and reacts to the trend line, and the market price starts falling again.
If the market price is visible on the GBP/JPY 1-hour time frame, where is the market price currently falling, the trendline pulling the price down is very strong, and the market gets rejected again and restarts from there? If you see moving averages on the chart, the current price closed below the 200-day simple moving average and the price closed below the 50-day simple moving average. In terms of technical analysis, the market is bullish and the market is moving forward. If this situation persists, the market price will soon touch the 197.75 support level. The indicators and technical analysis used in the chart support the falling market price while suggesting that the price is also struggling and will reach the support level within a few hours. The RSI indicator is between 30 and 70, which is at 47.
Stochastic Oscillator: RSI indicator period 50: Moving Averages: Support Level: 197.75 Resistance Level: 199.50 
