GBPJPY Market Is Heading Back to the Strong Resistance Level of 163.020

GBPJPY Analysis – May 27

GBPJPY market is heading back to the strong resistance level of 163.020. The bullish stance is inching closer and closer to reaching this significant level. The sellers’ movement had recently altered the price structure, which had an effect on the buyers’ movement. As soon as the buyers began placing orders above $155.520, the bears started to pose a threat, and the pair is currently trying to retrace its steps back to the 162.020 resistance level.

GBPJPY Key Levels

Resistance Levels: 168.270, 163.020
Support Levels: 156.520, 148.890

GBPJPY Long Term Trend: Bullish

It would appear that there are multiple ranging displays at the 148.890 support zone. The market moved up and down while staying within its range until a bullish extension came into play. Following a successful breakthrough from the 155.520 key zone, the buyer drove the price tendency higher. The bullish movement continued for a long time until it got relatively close to the key level of 168.270. The buyers were unwilling to push the pair’s tendency higher, so this resistance zone kept the bulls confined within their trading range.

The selling rally then appeared after buyers halted at the 168.270 key level. There has been a consistent drop in prices. The daily chart shows that the bulls are seeking a retracement forward up to the 162.020 key level, which is a strong resistance level. The Moving Average Indicator shows that signal crossing is still in the selling region on the daily chart.

GBPJPY Short Term Trend: Bullish

The price action appears to be bullish on the 4-hour chart. On the other hand, traders need to be ready for a more bearish display if the 162.020 level is touched, as this order block is designed to cause buyers’ orders to be rejected. As the price moves closer to the 162.020 resistance zone, the Chaikin money flow indicator shows that the price is above the 0.00 line, indicating a bullish stance.

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