GBPJPY Holds for a Pullback

GBPJPY Price Analysis – October 22

GBPJPY holds for a pullback in a bullish market. The price trend has long been on a bullish ride, and buyers seem to hold more positions in the current trend. The buyers are, however, ready to move the price above the recent level. But before that, an immediate drawdown or pullback is necessary to check the market balance. GBPJPY is, therefore, expected to continue in its bullish market after the price pullback.

GBPJPY Significant Key Levels:

Resistance Key Levels: 155.200, 153.100
Support Key Levels: 150.700, 149.100

GBPJPY Long Term Trend: Bullish

Buyers of the GBPJPY amassed a large number of impetuses, and as a result, numerous price responses were broken on the rise of the market. After the price reached the lowest zone support level, the bulls took control. The buyers first try to raise the price, but they fail to owe to the sellers’ pressure. However, the market moved on to retest the 149.100 significant price level before winning a positive surge upward. Several price levels were breached as a result of this surge.

The market bears display power after a reaction at the 155.200 significant price level. This led to a downward trend as the bears continue to bring prices downward. The market is seen making significant lower lows and is breaking several key levels before the bulls finally took control. The market, however, consolidates between the significant levels of 153.100 and 149.100, before the bull’s dominance. The MA (Moving Average) indicator shows prices rising and signal lines widening. This shows the market is still in a bullish phase.

GBPJPY Short Term Trend: Bullish

The price has achieved a big high higher on the 4hour chart, with the Moving Average acting as a support to the price movement. The price continues to rise, smashing through multiple resistance levels. In oscillation, the Stochastic Oscillator movement suggests price movement heading downward. The price is pulling back in a bullish trend. However, the bullish market remains in place, and the price is likely to pull back near the 155.200 significant milestones.

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