GBPJPY Bullish Ride Close to an End as It Continues to Consolidate

GBPJPY Analysis – Price Continues to Consolidate

GBPJPY continues to consolidate as the market’s impetus decreases. The buyers will, however, fail to reach a critical zone of 153.270 before a reversal will occur. The price failed to retest this zone before running down to react at the 151.390 critical level. GBPJPY then rallied down to the 149.450 key zone, after which the buyers gained dominance. The market is, however, expected to lose its bullish impetus as the sellers will soon take over.

GBPJPY Significant Levels:

Resistance Levels: 153.270, 151.390
Support Levels: 150.690, 149.450

GBPJPY Long Term Trend: Ranging

Before the market began to consolidate, the price was first in an upward trend as it was seen to have moved up to the 151.390 level. However, the market then pulled back to the 149.450 significant key level before reversing its course. GBPJPY then gained bullish impetus as it made its way to react at the 153.270 key level before a reversal occurred.

The market, however, continues to consolidate, as the buyers and sellers continue to tussle for power. As the market continues to accumulate significant key levels in the consolidation, a breakout is inevitable. The price may break out either upward or downward, depending on who eventually gains full control. The Bollinger Band still signals market bullishness. The middle band acts as support below the candlestick as the price continues to move upward.

GBPJPY Short Term Trend: Bearish

On the 4-hour chart, the market also continues to consolidate. The buyers and sellers are, however, trapped between a range of key zones. The price will, however, reverse its course as the bullish impetus is close to an end. The bulls gained control after a retest at the 149.450 significant level before rallying up. The RSI (Relative Strength Index) indicates a price signal near the overbought region. This shows that bullish impetus is almost over. The price is also seen moving out of the upper band, and this shows that a reversal is about to occur. Therefore, GBPJPY is expected to reverse its course before reaching a 153.270 critical level, as the market continues to consolidate.

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