GBPJPY Analysis – Price Is Attempting to Break Through the Resistance Level of 158.060
GBPJPY is attempting to break beyond a weekly resistance level at 158.060. The first step taken by the buyers is to hold above the 153.280 critical level. This has enabled a rally from this level back towards the 158.060 resistance level. Price has been rejected once. GBPJPY pulled back to the uptrend line, from where it is now attempting to push against the resistance level again.
GBPJPY Critical Level
Resistance Levels: 160.040, 158.060
Support Levels: 153.280, 149.500
In the fight for market dominance, buyers are doing more by pushing upwards. At first, it was a bullish move that broke the 153.280 price line to expand the consolidation zone of the market. It can also be seen that there is more struggle when the price is dropping, especially at the same 153.280 critical level. Buyers have taken it a step further to prevail in the market, and that is by holding the market above the aforementioned fundamental level.
Therefore, the market has sprung off towards 158.060, attempting to pressure it. An initial rejection has not deterred the market from more attempts. The RSI (Relative Strength Index) line is at 59, showing more bullish momentum in the market. Meanwhile, the MA cross (Moving Average) has crossed upward to confirm the market’s intent to break out upwards.
The 4-hour chart shows that the price has just recovered from a retracement with the help of the uptrend line. There is also an upward cross in this short term frame. And following that of the daily chart, the RSI indicator has its line risen above the zero level. When GBPJPY successfully breaks through the resistance, it will aim directly for 160.040.
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