GBPJPY Is Recovering Nicely From a Recent Slip-up

GBPJPY Analysis – November 18

GBPJPY is recovering nicely from a recent slip-up it had. The price had worked very hard to rise above the 168.720 resistance level, and by the time the currency pair rose above the level, it got weakened and ceded control to the bulls, who quickly effected a strong bearish formation to plunge the price below 168.720. Nevertheless, the coin is recovering from the 164.120 support level.

GBPJPY Significant Zones

Resistance Levels: 172.070 168.720
Support Levels: 164.120, 154.490

The price has been knocking against the 168.720 significant resistance level since late April, however, the resistance was stronger than the assault the market could throw at it. Hence, strong rejections usually follow the rise of the price to its level. This led to the most significant drop in price, which occurred on the 26th of September. Nevertheless, bulls are also relentless, and they respond with an immediate recovery.

The market then pushed up so much after this that it violated the 168.720 resistance level. However, that was about all of the adventures that the buyers had before they slipped into dormancy, allowing the bears to take control of the price movement. This leads the lines of the MACD (Moving Average Convergence Divergence) to start dropping, though the lines remain above zero.

Market Expectation

Bearish histogram bars are very evident on the MACD daily chart but

are alternating with bullish histogram bars on the 4-hour chart. The price is now recovering nicely as the MACD lines, which hitherto on the 4-hour chart had plunged below zero, have now risen to a positive value. The EMA period 25 (Exponential Moving Average) on both that day and the 4-hour chart has slipped below the candlesticks to act as support for the market. GBPJPY will be looking to cross back above 168.720.

You can purchase Lucky Block here.  Buy LBLOCK

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.