GBPJPY Finally Breaks Through the 167.810 Resistance

GBPJPY Analysis – October 28

GBPJPY finally breaks Through the 167.810 resistance level. This comes after several testing of the resistance level and the adaptation to different strategies. This particular breakthrough for the market investors came after a major dip in the market on the 26th of September, but the coin recovered excellently to test the resistance at 167.810 and violate it.

GBPJPY Key Levels

Resistance Levels: 172.330, 167.810
Support Levels: 159.680, 153.280

GBPJPY Long Term Trend: Bullish

The price was undergoing a downward drill after it was rejected the third time at the resistance level. The sellers already thought they’d use the method to plunder the market. However, unexpectedly, GBPJPY broke out of it. It didn’t last long though as the market received a hit again at the resistance zone. This led to a serious failure and we see the current pair plummet deeply.

Buyers revived again though and push the price back above the critical support at 159.680. Finally, GBPJPY retraced to gain strength from that 159.680 critical support before it sprang up in full momentum. The ATR (Average True Range) indicator shows a great increase in market volatility as the price surges upward to test the resistance. The mission was successful but will much persistence and tenacity.

GBPJPY Long Term Trend: Bullish

The market can be back to rising further after breaking the shackles of the bears. GBPJPY is currently approaching 172.330 taking time to strengthen itself above the 167.810 former resistance before surging further. The Stochastic Oscillator lines are high places on both the daily and the 4-hour charts to show the current bullish turn. The market is expected to break 172.330 to match a 6-year record.

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