GBPJPY Price Breaks Away From 161.880 Resistance Level as Bulls Regain Strength

GBPJPY Analysis – June 3

GBPJPY price breaks away from the 161.880 resistance level as bulls regain strength. Buyers have stepped up their activity to boost price momentum and push the level higher above the level of significant resistance. Therefore, as long as more positions are placed for a bullish breakout, the bulls will continue to rule the market. The technical analysis, therefore, forecasts a bullish ride up to the 168.420 resistance level.

GBPJPY Price Levels

Resistance Levels: 168.420, 161.880
Support Levels: 157.890, 148.890

GBPJPY Long Term Trend: Bullish

Prior to a breakout in a bullish direction on the quote, the price movement was contained in a range phase. The price trend was determined by analyzing the market between the critical levels of 148.890 and 157.890. After retesting the trend line, the GBPJPY pair entered a ranging period resulting in a bullish order being created. As the price goes up, buyers keep pushing into new levels, and previous major support and resistance levels are being breached.

As the market moved closer to the 168.420 key level, the bears positioned themselves to place buy orders on the daily chart. This created an opportunity for a fall in the GBPJPY quotations. However, a signal was just recently issued by the Moving Average Crossing following a bullish break over beyond the 161.880 critical zone. Therefore, buyers can create new opportunities for trades above the 168.880 pivot point level. The daily momentum indicator reveals a bullish increase in the value of the market.

GBPJPY Short Term Trend: Bullish

On the 4-hour chart, the bullish set-up is gradually moving upward despite pullbacks. A support line is being created as the candlestick continues to re-bounce the Moving average crossing upward. The market should be expected to propel further beyond the 161.880 key level.

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