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GBPJPY Analysis- July 8
GBPJPY resumes the market trend in an upward direction from the 157.800 demand zone. GBPJPY market had been trending in an upward direction until February 24, 2021, when the bulls drove the price beyond the previous resistance level. After this breakout, prices began to struggle between two major levels in the market.
GBPJPY Major Levels
Resistance Level: 168.430, 175.500
Support Level: 157.800, 149.000
Market Long-term Trend: Bullish
GBPJPY price had been ranging between two major levels, which were at 149.000 and 157.800. The ranging resumes after the successful breakout in an upward direction from the previous resistance level of 149.000. The price ranging continued until March 22, 2022, when price broke through another previous resistance level. The new price turned into a major support level. It served to stop the market from crashing further downward after hitting the major resistance level at 168.480.
GBPJPY major resistance level at 168.430 has proven to be very strong. Its subsequent prices have not been breaking through over the last three months. There has appeared to be no change in the market trend for the time being. The price is expected to continue to hit the resistance level at 168.430. But if the Bollinger Bands (BB) expand upward, the price breaks through this resistance level and continues its upward trend; changes will appear. The trendline connecting the three most recent lows also confirms the market’s uptrend outlook.
Market Short-Term Trend: Ranging
GBPJPY Price can be seen on the four-hour timeframe as it reacts to an order block that caused price to break the market structure (BOS) downward. Soon price is expected to react to this order block, either as a supply zone or as a breaker. A bullish divergence can also be seen on the four-hour timeframe chart as prices form lower lows and the Relative Strength Index (RSI) forms higher lows; this confirms that the market is about to resume its upward trend while forming higher lows. After the price stops ranging between the two major levels at 157.800 and 168.430,it is expected to break through the major resistance level at 168.430. The price might be retested and continue the market trend in an upward direction.
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