GBPJPY Bullish Ride Is Still Going Strong

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Price Analysis – GBPJPY Bullish Ride Continues to Surge Upward to the 158.200 Critical Level

GBPJPY bullish side continues to surge upward to the 158.200 level of significance as buyers give more velocity to the influence of price. The buyers are currently holding more positions in the market, and they are activating price order flow. The buyers will eventually break through the 158.200 price level as the propulsion continues.

GBPJPY Market Zones:

Resistance Zones: 158.200, 155.180
Support Zones: 152.960, 149.320

GBPJPY Long Term Trend: Bullish

The market, however, first followed a downtrend format as the bears were moving price influence in a descending channel. The price flowed downward as the bearish impetus increased with the strength to the 149.320 level. The buyers activated their position at this level, and the price rallied, breaking out of the trendline channel and the significant price levels. The GBPJPY price changed its market direction when it reached the 158.200 critical level.

The bears also relatively brought the price down through several influences on prices back to the 149.320 level. However, the market cycle continued with the bulls back to the 158.200 price level, and when price velocity increases, the buyers will eventually break the price level above the 158.200 level. The MACD (Moving Average Convergence and Divergence) indicator shows the price impact in the bullish region as the velocity increases on the 1-day chart.

GBPJPY Short Term Trend: Bullish

The 4-hour chart of price activity shows market distribution following the bullish ride. The buyers are currently making a critical move in the market. The Moving Average cross acts as a support for the strong movement in the market. The 4hr time frame also displays the MACD indicator in a bullish trend, and as the momentum increases, the price will eventually break through the 158.200 level.

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