GBPJPY Continues Its Bullish Momentum Before Making a Reversal

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GBPJPY Price Analysis – September 3

GBPJPY continues its bullish momentum as price keeps shooting towards the 153.270 significant key level. The market, however, seems to have been bearish for a long time. Price is seen falling as more significant lower lows are being formed. As prices keep pulling down, there seems to be a retracement to key significant levels.

GBPJPY Significant Levels

Resistance Levels: 153.270, 151.390
Support Levels: 150.690, 149.450

GBPJPY Long Term Trend: Bullish

There was a change in the market structure after the price broke through the 153.270 resistance key level, this then acted as support as the price keeps retesting it. The price however broke through this significant level forming a lower low at 151.390 significant level. Thereafter GBPJPY went to retest the 153.270 significant zones before breaking beyond it to 149.450 support key level. GBPJPY now assumes its bullish momentum after forming a lower low at 149.450 support key level. The ride then continues up and keeps making bullish momentum after breaking through 150.690 and 151.390 key levels.

GBPJPY is set to assume its bullish tendency before reversal set in. Price first retested the Bollinger lower band which acted as a support. The market is then pulled up to the middle band before heading towards the 153.270 key level. However, on the MACD (Moving Average Divergence And Convergence), the signal line is below the zero level. There seems to be a rise in the histogram as the price keeps heading up before making a reversal.

GBPJPY Short Term Trend: Bearish

On the 4-hour chart, price is also seen gaining bullish momentum as it approaches the 153.270 key level. The middle level of the Bollinger band is acting as a support as the price seems to retest this level. There seems to cross above the zero level of the MACD as the bullish histogram keeps increasing. This indicates that the bullish momentum is almost over and a downtrend reversal will soon follow.

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