GBPJPY Analysis – Market Becomes Bullish as Revival Begins at 152.580
GBPJPY bullish revival begins at the 152.580 significant level. The price is set to resume being bullish after a revival occurs at this support level. Before now, there had been a serious dip in the market in which the price precipitously plummeted 1.70% to the 153.500 price line. GBPJPY further dropped to the next support line at 152.580. At this level, several reactions were experienced in the market, which led to a bullish revival.
GBPJPY Significant Levels
Resistance Levels: 157.890, 156.000
Support Levels: 153.500, 152.580
The initial bullish revival begins as GBPJPY breaks out of a market scuffle with the bears that had begun since the beginning of March 2021. A bullish uptrend was intercepted and attempted to be derailed. However, the 149.640 strong weekly support zone, whose influence extended to 149.120, proved the bulwark for the bulls as it severally stopped the market's plunge beyond its level.
Receiving strong support from the 149.640 critical level, bulls eventually rallied to surge out of market consolidation. This led to a 5% price increase in the market. However, as the price approached the 157.890 resistance level, bears took advantage of buyers' fatigue and began plunging the market. A weak fight by buyers was insufficient as the price fell to 152.580. A bullish revival is finally occurring as the price is back above 153.500. The market prepares for a retest of 153.500 after an initial rejection from the mid-line of the Bollinger Band.
Market Prospects
On the 4-hour chart, a golden cross has been executed on the MACD (Moving Average Convergence Divergence), in which the lines have crossed the zero level with increasing bullish histogram bars on display. GBPJPY has also crossed through the Bollinger Band's mid-line to the upper border to signal a gear change. However, currently, the market has been denied access to move further upward through the Bollinger upper band.
Hence, the price is set for a retracement back to 153.500, where a rebound is expected to continue GBPJPY's bullish revival.
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