Market Analysis – GBPJPY Buyers Are Now Forging Ahead
GBPJPY resumes the buy surge, and it is making its way back to the key zone of 193.760. The sellers have been left stranded after losing out at the significant level of 189.920. The buyers are now mobilizing their strength again after a period of withdrawal.
GBPJPY Key Levels
Resistance Levels: 193.760, 189.920
Support Levels: 187.780, 185.310
The GBPJPY pair has experienced a significant buy surge this year, with the bulls opening up the floor from the key zone of 178.400. From this point on, the buy strength has been getting stronger. In February, the buyers had a retest at the significant level of 185.350, but this was short-lived as the buyers quickly swung into action again. In March, there was a temporary drop back to the price level of 187.780. However, the buyers have rebounded from the significant level of 189.920 and are now heading back towards the 193.760 level.
Although the buyers failed to break out in their first attempt at the 193.760 level, this current surge is likely to be successful if the buyers intensify their pressure in the market. The key level has been reacted to before, indicating its significance. With increased determination and momentum, the buyers have a higher chance of breaking through this level and continuing their upward movement.
Market Expectation
The Stochastic Oscillator has crossed the sellers out of the scene, indicating a shift in momentum in favor of the buyers. This further strengthens the case for a successful breakout to the 193.760 level.
Note: Forexschoolonline.com is not a financial advisor. Research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Leave a Reply