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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.
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