GBPJPY Rallies With Strong Momentum

GBPJPY Analysis – Price Rallies With Strong Momentum as Bulls Climb Above Significant Key Levels

GBPJPY rallies with strong momentum above the price level. Bulls took sole control of the entire position, driving the price upward. The market trends upward, breaking significant price levels as the momentum increases. The bulls are still in control of the present market, and the price is heading upward before any major trend reversal can occur.

GBPJPY Significant Levels:

Resistance Key Levels: 155.200, 153.200
Support Key Levels: 150.700, 149.100

GBPJPY Long Term Trend: Bullish

Before this major bullish trend occurred in the market, GBPJPY sellers brought the price down to a significant low. This implies that the market was seen as a bearish movement. The price appears to be swinging lower, making significant lower lows and highs. The price, therefore, breaks through several price levels, and these levels were also retested before the market continues downward. From one swing low to another, the till price eventually gets to the 149.100 significant price level.

The bulls gained control at the same 149.100 significant price level, running with strong liquidity strength before a pullback came into play. The market then begins to ride the bullish momentum as the price rallies higher. On the daily chart, the Momentum indicator displays a price level around the 2.50 level, indicating the very high ground of bullish strength. This shows the position of the bulls in the market. The RSI (Relative Strength Index) is in the overbought region, showing that the market is also close to a reversal or immediate pullback.

GBPJPY Short Term Trend: Bullish

On the 4hour chart, the market is seen making significant higher highs upward. As several highs are made, the sellers also try to push the price downward, making a pullback. Nevertheless, the bulls continue to build strong momentum as the price continually rallies. The Momentum indicator shows an increase as the bulls continue to gain more strength after a pullback to the 155.200 significant price level. More rallies will therefore be evident as time moves on. The RSI also indicates price levels around the overbought region, implying that bullish momentum is about to elapse. GBPJPY rallies with strong momentum as price progress above the 155.20 significant price level.

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