GBPJPY Contains Sellers as Price Bumps Upward

GBPJPY Analysis – June 17

GBPJPY contains sellers as the bullish price bumps upward in the market. The selling atmosphere has been contained lately because buyers have picked up momentum as the value is set to hit the 168.810 key zone in a few days. The sellers had previously declined the value of the GBPJPY price when buyers made their way to this key level. Now we expect a bullish upward to the 168.810 critical level and beyond.

GBPJPY Significant Levels

Resistance Levels: 168.810,
Support Levels:

GBPJPY Long-Term Trend: Bullish

A more extensive bullish expansion was first observed after sideways price movement early in January 2022. Therefore, buy traders place a higher value on the GBPJPY by purchasing traders above the 150.830 significant level. The buyers’ expansion thus becomes evident as bulls transform price tendency beyond the 159.990 critical level.

Following GBPJPY’s move to the resistance level of 168.810, there was a sharp turn, which gave sellers a way to dump the market below the 159.990 key level. After many reactions, the buyers rallied to 168.810, hitting this resistance level as a double top pattern. As the sell traders change direction, the buyers are now rating the value of GBPJPY upward, and the price is set to jump back to the 168.810 key level. In the daily chart, The middle level of the Bollinger Bands indicator is being reacted to, and the price value has bounced off it on the daily chart. Bullish expectations should therefore be anticipated.

GBPJPY Short Term Trend: Bullish

The buyers are currently giving room for more expulsion of the price tendency. The momentum indicator on the 4-hour chart shows that the bullish expansion will still shoot higher in the market. Buyers can still place trades as the price rises on the 4-hour chart.

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