GBPJPY buyers plan to retain price flow despite pullbacks in the market. Following a change in the market structures, the price tendency has been observing a bullish ride in the market. The bulls are settled in to rally the price tendency upward in the market despite the intervention of the sell traders in the market. The buyers have currently broken through the 159.000 significant level of the market. However, as the GBPJPY kept going up, the sellers interrupted the bulls’ influence on the price, causing a retest before price kept going higher.
GBPJPY Market Levels
Resistance Levels: 159.000, 155.410 Support Levels: 150.970, 148.870
GBPJPY Long Term Trend: Bullish
When the selling influence on the bullish price is over, the market is anticipated to swing upward. The sellers’ downtrend was first seen in a descending channel trading down to the price level of 148.870. The price trend then focused on a bullish phase in the market. The bull market traded price movement above the 155.410 market level but failed to reach the 159.000 significant level. Before the price broke out of the trend line channel, the market changed its direction.
The GBPYPY price action continues to follow a rise and fall pattern in the market. The prospect formed an “M” pattern before the bulls’ current exertion in the market. The Moving Average Convergence and Divergence indicator shows price action shooting up with a green histogram despite the sellers’ pullback in the market. However, the momentum indicator has been showing an increase but is suddenly decreasing in the GBPJPY market.
GBPJPY Short Term Trend: Bullish
They are continually shifting the market’s pricing momentum. The price on the 4-hour chart intends to retest the 159.000 critical level before the market confirms another bullish signal. While the MACD indicator is still climbing above the 0.00 level, it shows that the market is bullish. After a price retest of the 159.000 critical level, GBPJPY is expected to continue its bullish market trend.
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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.
