Market Analysis – June 9
The GBPJPY pair continues to exhibit a bullish trend, as evidenced by the upward movement from a bullish order block above 171.20. Buyers have displayed impressive strength, successfully breaking through all short-term resistance levels.
GBPJPY Significant Levels
Demand levels: 171.0, 164.0, 158.0
Supply Levels: 175.0, 180.0, 185.0
GBPJPY Long-term trend: Bullish
In February, the market experienced a bearish failure swing but entered an accumulation phase from December to March. After failing to surpass 165.50, buyers regained momentum from the oversold level of 158.80.
Breaking the resistance level at 171.20 did not occur in a single attempt. The price retraced towards 146.50 before bulls utilized a bullish order block to decisively break through the 171.20 supply level.
GBPJPY Short-term trend: Bullish
With a reverse head and shoulders pattern contributing to the upward momentum after testing the bullish order block above 171.20. Additionally, the ascending trendline has provided support throughout the ascent. Market sentiment suggests that the price may reach the significant level of 180.0. In summary, the market maintains a bullish trend as buyers showcase strength, successfully overcoming short-term resistance levels, with potential for further upward movement.
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