GBPJPY Bulls Are Back to Test the 168.720 Resistance Level

GBPJPY Analysis – November 25

GBPJPY bulls have taken matters into their own hands by abruptly stopping the market’s downtrend at 164.120. The price is now rising aggressively with consecutive bullish candlesticks. The resistance at 168.720 is now under intense scrutiny as the market comes back to test it. The rallying force of the price is expected to lift GBPJPY beyond the resistance level.

GBPJPY Significant Zones

Resistance Levels: 172.070 168.720
Support Levels: 164.120, 154.490

Looking at the play-out of the market from the first quarter of the year, when the price freshly broke above the 159.490 support level, until the current time, it can be concluded that the buy-traders for the GBPJPY market are quite energetic. They can be seen persistently tugging at the 168.720 resistance level.

The bulls’ activities were highlighted by a very strong rejection in mid-September, which culminated in a large price drop that pierced through several key levels, including 159.490. However, the bulls immediately swung to action once the market touched down at 148.780. Presently, the concern of the buyers is to climb above and hold the resistance level.

Market Expectation

After failing to hold above the resistance in the first trial, the price dipped back below the resistance. As their nature is, the bulls have quickly re-empowered the market, and it is back, testing the 168.720 resistance level. The EFI (Elders Force Index) is at a positive level both on the daily and 4-hour chart. This highlights the strength of the buyers. Parabolic SAR (Stop and Reverse) dots are undulating around the candles but more to their downside, which indicates bullishness. GBPJPY is most likely aiming for 176.720.

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