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GBPJPY rides with a bullish upswing following a retest at the 155.400 significant level. The bulls are conducting a gang move to get back to the 158.150 significant points in the market. The price tendency rises with a strong upswing in the market. When price action broke through the 155.400 market level, there appeared to be a seller’s rejection back to this level. This indicates that the price swing will continue to be bullish until the market arrives at the 158.150 price level.
GBPJPY Significant Levels
Resistance Levels: 158.150, 155.400 Support Levels: 153.030, 148.890
GBPJPY Long Term Trend: Bullish
The bears’ influence managed to dip the price movement into September 2021 before the buyers overpowered the price action around the 148.890 critical level. The price influence rallied up in the market with great speed until the market finally reached the 158.150 critical level. However, the bearish order set in as a result of the buyers’ lack of enthusiasm to break the price momentarily above the 158.150 key level. The bearish sentiment persisted until the price returned to the 148.890 critical level.
Following the bearish displacement in the market, the price order continued, thus forming an “M” shaped pattern in the market. This results from the bulls’ and bears’ actions having price influence. The price is currently swinging upward. The GBPJPY retested the 155.400 key level as bulls continued to increase the price. The MACD (Moving Average Convergence and Divergence) indicator has its signal line about to cross the zero level, which means the bullish trend will continue.
GBPJPY Short Term Trend: Bullish
The 4-hour chart indicator gives the market the short-term nature of the price moment. The bulls are now manipulating prices upward after a rebound at 155.400 significant points. The Parabolic SAR (Stop and Reversal) indicator shows a price signal following the bullish trend in the market. Therefore, the market is expected to push the swing up to 158.150, a significant level in the market.
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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.
