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GBPJPY Price Analysis – August 6
GBPJPY recovers to keep trading above the 151.200 key level. The market has been trading above this level for the past 57 trading days, from the 28th of April 2021 to the 16th of July 2021. During this time, price started a downtrend, in which it spiked down three consecutive times. The first spike touched 151.200, the second spike pierced through it, while the third spike plummeted the market far beyond the key level to reach 148.440 support.
Resistance Level: 153.450, 154.440, 156.000
Support Levels:152.000, 151.200, 148.440
GBPJPY Long Term Trend: Bullish
When bears plunged the market to 148.440, buyers immediately employed a morning star candle pattern to lift GBPJPY back above the 151.200 key level. With further help from the 50% Fibonacci level, the market sprang further upwards. The 153.450 resistance level, however, knocked price down again, back to 151.200. The bulls themselves have once again employed a morning start candle pattern which aligns with the 50% fib level and the price recovers again.
Buyers are now aiming to retest and breakthrough 153.450. The dots of the Parabolic SAR (Stop and Reverse) are aligned in an ascending manner below the daily candles. This stacks the odds firmly in favor of the buyers. The RSI (Relative Strength Index) also moved upwards above the 50 mark to the upper part of its chart to show price ascendancy. If bulls can hold this level for a while, then they will be able to push further upwards.
GBPJPY Short Term Trend: Bullish
The 50% Fibonacci level, in conjunction with the 151.200 key level, has worked in tandem to keep the market afloat. The 4-hour chart is in tandem with the daily chart. Price is currently bullish, having the full backing of the Parabolic SAR. The signal line of the RSI is also at 63 upward abounding.
If the bulls can maintain their impulse, we will see the market hit 154.440.
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