Market Analysis – June 2
GBPJPY is currently undergoing a steady upward trajectory in its price. The buyers are successfully surpassing resistance levels with the assistance of the Moving Average (period nine). The recent breakthrough of the 171.20 resistance level signifies an upward surge towards unprecedented levels.
GBPJPY Key Levels
Resistance Levels: 175.0, 180.0, 185.0
Support Levels: 171.20, 164.50, 158.80
GBPJPY Long-term Trend: Bullish
In February, GBPJPY encountered resistance at the 164.50 level. The ascent of the price was impeded by a robust bearish order block formed in December above the fair value gap. However, a retracement to the support level of 158.80 paved the way for an influx of buyers.
Notable candles exhibiting prominent shadows indicated rejection at 158.80.
The Moving Averages (periods nine and twenty-one) shifted position below the daily candles, functioning as a support level. The Parabolic SAR (Stop and Reverse) is also aligned below the candles, confirming the uptrend. The remarkable strength of GBPJPY’s upward movement has surpassed expectations. A retracement has long been anticipated, as the Stochastic oscillator has remained in the overbought region throughout the ascent.
GBPJPY Short-term Trend: Bullish
It is anticipated that the market will continue to rise toward the 175.0 level. The recently breached supply zone is expected to act as a demand zone, facilitating further upward momentum in the price.
Do you want to take your trading to the next level? Join the best platform for that here
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.