GBPJPY Breaks Out; Retest expected before the further rally

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GBPJPY Analysis – September 16

GBPJPY breaks out after an extended period of ranging through a descending triangle system. The consolidation in the triangle system is a result of a second backlash from the bears. This backlash was triggered when the buyers broke several barriers to rise to 167.810. Since the market was halted at this point, sellers have been actively pushing down the price.

GBPJPY Key Levels

Resistance Levels: 167.810, 165.710
Support Levels: 159.680, 156.030

GBPJPY Long-Term Trend: Bullish

Immediately the sellers start to push down on the market, this led to the first drop in price below the 159.680 significant support level on the 10th of May. However, the buyers did tremendously well to recover, leveraging the 156.030 price level. Eventually, the buyers reinstated themselves back above the 159.680 strong key support level and also aimed for the previous resistance at 167.810.

However, once again the bulls fail to bypass the resistance level at the first trial. Subsequent trials were increasingly weaker till the sellers began to drill down on the price again in a descending triangle. Bulls, still resilient, have now broken out of that trend and though they have tried the resistance unsuccessfully again, they have the advantage of a retest of the triangle border.

GBPJPY Short Term Trend: Bullish

The 4-hour chart shows that the price spiked to the resistance and dropped immediately, the price is now falling towards the border of the triangle pattern where the buyers are expected to capitalize on for a rebound. The RSI (Relative Strength Index) has dipped to mid-level on the daily chart but has dipped to the oversold region on the 4-hour chart. We can expect an imminent upward movement.

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