GBPJPY Price Analysis – October 8
GBPJPY bullish ride continues to a significant key level, as the momentum keeps increasing. The buyers remained in the market because more levels are being accumulated. Even though the bulls are in control, the market remains in consolidation. This implies that price has been ranging between the levels of 152.800 and 149.100, which are significant price levels.
GBPJPY Significant Levels:
Resistance Levels: 152.800. 151.400
Support Levels: 150.700. 149.100
GBPJPY Long Term Trend: Bullish
GBPJPY Long Term Trend: BullishAs the price continues to range in consolidation, the bulls keep gaining additional strength to keep the price moving upward. GBPJPY will therefore make a reversal at the 152.800 significant price level or even break beyond it. The market has been in a strong consolidation as the price first breaks out of the zones beyond the 152.800 significant price level. After that, the price was seen making a significant low downward and the market assumed a bearish movement. However, this caused the market to go back into its consolidation zone.
GBPJPY then continues to range in consolidation. The buyers and the sellers begin to gain control at various significant price levels. The bulls now seem to be in power and the ride will continue, and may even break beyond the 152.800 significant level if the momentum increases. On the daily chart, the MA (Moving Average) crossing is below the wick of the bullish candle, which is around the 151.400 significant price level. This cross, therefore, acts like support to push the price level up. As the momentum increases, so the bullish ride continues.
GBPJPY Short Term Trend: Bullish
GBPJPY Short Term Trend: BullishThe price continues to gain more momentum on the 4hour chart. As the bullish ride continues, momentum has increased due to a retest of the 151.400 significant price level. The Parabolic SAR (Stop and Reversal) is below the recent low of the bullish candlesticks. The dots continue to ride up, showing that the market is still gaining bullish strength. The MA cross is also close to the 151.400 significant price level, acting as a support. GBPJPY, however, will continue its bullish ride towards the 152.800 significant key level.
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