GBPJPY Will Push Further With Bullish Strength

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GBPJPY Analysis – Price Will Push Further Above 155.800 Significant Price Level

GBPJPY will push further above the 155.800 significant price level. The market has begun with bullish strength and is now seen accumulating. This price accumulation deals with the buyers’ and sellers’ controversies. GBPJPY, following this indecision phase, will eventually give room for price movement to flow in a definite direction. However, the market is expected to push further when the price gets more strength in the bullish phase.

GBPJPY Significant Key Levels:

Resistance Key Levels: 155.800, 153.100
Support Key Levels: 150.700, 149.100

GBPJPY Long Term Trend: Bullish

GBPJPY premiered its price action movement after a long period of consolidation. The market consolidated over the range of 151.100 and 149.100 price levels. We can say that the market started its range from mid-August to early October before the bulls took over. The buyers, however, started their bullish trend with a strong pin bar, and the market then assumed an uptrend.

The candlesticks formed broke through various significant price levels before rallying up to the 155.800 significant price level. The price has moved various pips up and begins to accumulate due to both buyers’ and sellers’ positions. Since the market favors the bullish trend, the price is likely to push further after gaining price momentum. The Bollinger Band shows the middle band ready to rebound the candlestick coming to it as price gains more strength.

GBPJPY Short Term Trend: Bullish

The 4-hour chart, however, shows price movement breaking through various key levels. The bulls and the bears continue to give their meaning to the market. Following the accumulation, the market is therefore expected to push further above the 155.800 significant price level. The MACD indicator shows prices ready to cross the 0.00 level, indicating the bull phase in the market. However, the Bollinger Band still shows prices forming a little squeeze before the market eventually breakthroughs. Therefore, the market will eventually push further as it gains strength.

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