GBPJPY buyers encountered strong resistance around the 198.150 level in the last quarter of the previous year. Following a failed attempt to breach this key resistance, the market shifted direction. More recently, buyers have attempted to reclaim bullish momentum, but a lower resistance has now formed at 195.980. GBPJPY is yet to establish a breakout above this new level.
GBPJPY Key Levels
Demand Levels: 192.500, 187.930, 180.410
Supply Levels: 195.980, 198.150, 207.570
GBPJPY Long-Term Trend: Ranging
The Anchored Volume Profile indicates significant trading activity between the 195.980 and 187.930 levels. This concentration of market participation has contributed to the prevailing consolidation, creating a well-defined range. Scalpers and short-term traders may find opportunities within this range, especially when combining Anchored Volume Profile with Bollinger Bands. Historically, price reversals have often coincided with touches of the Bollinger Bands’ outer edges.
In April, the Relative Strength Index (RSI) signaled oversold conditions as the price tested the support zone at 187.930, in conjunction with a Bollinger Band retest. This alignment fostered the bullish reversal now stalling near the 195.980 resistance.
GBPJPY Short-Term Trend: Ranging
Should the price successfully break above 195.980 and eventually 198.150, a swift continuation may follow. The Anchored Volume Profile suggests minimal resistance beyond these levels, indicating a potential breakout zone with reduced friction. Conversely, a breakdown below 187.930 may lead to an equally rapid decline due to limited historical trading activity in that region.
The best forex signals Telegram channels would likely capitalize on these breakout levels, as successful moves beyond them could offer profitable entries in low-resistance environments.
GBPJPY Short-Term Trend: Ranging
GBPJPY Short-Term Trend: Ranging
