GBPJPY Analysis – Bullish Strength Would Lift the Market Past 157.090
GBPJPY bullish strength is at its peak and is expected to drive the market past its latest huddle at 157.090. Several days of bullish confrontation paid off as GBPJPY successfully breaks out of a long-drawn descending channel. Price eventually violated the channel on the 21st of December, and since then the market has been upwardly abounding. The most recent huddle is attempting to break through the 157.090 resistance.
GBPJPY Significant Levels
Resistance Levels: 158.200, 157.090
Support Levels: 149.000, Horizontal Line
Bulls are about to match and surpass the strength and influence that the bears have wielded on the market in a very short time. Market sellers began plunging the price as soon as they sensed a weakness for the bulls at the 158.200 resistance level. What followed was a continuous liquidity fall which broke through all barriers to land at the 149.000 support level.
At the 149.000 significant level, bulls began working against the prevailing market trend to cause a reversal. A rising triangle pattern was employed to break the market from the descending channel. Since then, it has been all upwards. There are, however, noticeable short pullbacks as bulls drive past significant levels. Currently, GBPJPY has been impeded at 157.090 and has made a pullback for it to drive past it again.
On the 4-hour chart, as in previous times, GBPJPY is retracing towards the MA line (Moving Average), which is acting as market support. Even at this, the Parabolic SAR (Stop and Reverse) indicator remains firmly in support of the bulls as several dots line up below the 4-hour candles. As a result, all indications point to GBPJPY bouncing back upwards to break 157.090 and reaching the significant level of 158.200.
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