GBPJPY Analysis – Bulls Mount Pressure to Break Beyond 151.970 Key Level
GBPJPY Bulls mount pressure below the key level of 152.970 to break through it. While sellers have been relentlessly trying to beat down the market, the support zone around 149.640 remains an ever-reliable ally. The support level has helped the buyers have enough time to adapt to the market and gradually turn it in their favor. Sellers have been suppressing the market at 151.970, but bulls now mount pressure below this level.
GBPJPY Significant Zones
Resistance Zones: 151.500, 151.970, 152.580
Support Zones: 150.500, 149.640, 149.120
Bulls are now working to change the narratives of the market, which has predominantly been bearish in which sellers mount exceeding pressure on the market. Price, however, has thus far failed to breach the weekly support at 149.640. From the 16th of August, the market became locked in a tussle between bulls and bears between the 151.970 and the 149.640 key levels. This led to a ranging movement that has continued till today.
Bulls are, however, now having the upper hand in the market. This can be seen in the last higher low made by GBPJPY as the market looks to taper upwards and mount pressure on the 151.970 weekly resistance. The EFI (Elders Force Index) has jumped into a positive value. This shows the bullish intent behind the market. This is confirmed by the Stochastic Oscillator, which has bounced off the oversold region border and is approaching the overbought region.
Market Predictions
The 151.970 key level has knocked down the market more than 3 times previously. A positive this time is that after the initial knockdown at this level, the market has bounced off around 150.500 to confront the resistance level again, as can be seen on the 4-hours chart. The Stochastic Oscillator has its signal line bounced off the oversold region border. The EFI also which is currently in a negative value due to the knock-on price has curved upwards.
GBPJPY is expected to break through the resistance and move up to 152.580.
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