GBPJPY Analysis – Price Creates a Higher Low Using 153.280 as an Anchor Level
GBPJPY creates a new higher low using the 153.280 significant level as an anchor point. The price was about to embark on another cycle in its ranging phase. But the 153.280 level (which happened to be a resistance point for a former consolidation phase) appears to present itself as a barrier to the price drop. A rejection at this level breaks the market structure and reverses the price upward.
GBPJPY Significant Levels
Supply Levels: 156.030, 158.060, 160.040
Demand Levels: 148.490, 149.500, 153.280
On the 11th of October 2021, the market broke through the 153.280 resistance level. The price, therefore, creates a larger consolidation zone. The price rose to a higher level at 158.060, where it suffered rejection. GBPJPY then began a decline, but on getting back to 153.280, there was resistance as the level now acts as a support. Price violated it eventually and dropped to 149.500, where the market bounced up again.
The price bypassed the 153.280 level without any hitch on the rebound as the price rose to 158.060. From there, the market began another decline. This time the 153.280 has been thoroughly solidified, leading to resistance to the market’s drop. GBPJPY reversed at this level and creates a new higher low. The MA Cross has confirmed the market’s upward trajectory with an upward cross.
On the 4-hour chart, the price bounces upward from the 153.280 level and creates a new higher low. At 156.030, the price encounters some difficulties, which it overcomes after a pullback. Further upward crossover confirms the strength of the upward momentum in the market. The RSI (Relative Strength Index) is now below the border of the overbought region. The price aims for 158.060, intending to break through it.
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