GBPJPY Enters Into a Ranging Territory

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GBPJPY Price Analysis – September 10

GBPJPY enters into a ranging territory after forcing itself past the 151.390 key level. Using the 150.690 key level as support, the market has been making advances to break above this key level for the past 5 trading days. Finally, on the 1st day of September, Price successfully executed a break-out. 151.390 has now turned into support to prevent price from going down. However, bulls will have to contend with 153.270 to go further up also.

GBPJPY Significant Levels

Resistance Levels: 153.270, 154.440, 156.000
Support Levels: 151.390, 150.690, 149.450

GBPJPY Long Term Trend: Ranging

Buyers can be said to have successfully overturned the market’s bearish agenda, as price has been moving significantly higher for the past 15 trading days, breaking through significant zones. Price now enters a ranging territory which is between 153.270 as resistance and 152.390 as support. Previous instances show that there is a tendency for the market to begin ranging in this zone.

The ranging movement of the market can be seen in the consistent increase and decrease of the histogram bars on the Moving Average Convergence Divergence chart, particularly from the 6th of July 2021. Also, the Moving Average period 10 can be seen to undulate within the zone before plunging downward. The 10MA has now carried the market back into the zone. Price is currently trading around 153.532 as it approaches the 153.270 resistance.

GBPJPY Short Term Trend: Bullish

On the 4 hour chart, price is currently in an uptrend after bouncing off of 152.390 and is being pushed up by the MA period 10. There is a golden cross upward by the lines of the MACD at around the zero level. This is accompanied by increasing bullish histogram bars. This points to the fact that the market is currently bullish, and this is set to continue till the price touches the 153.270 resistance, where there is expected to be a major reaction in the market. Bulls, on the other hand, will fancy their chances against the resistance given the rate at which they are rising.

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