GBPJPY Revives Bullishness From the 159.680 Support Level

GBPJPY Analysis – The Market Revives Its Bullish Tendencies at the 159.680 Support Level

GBPJPY revives its bullish tendencies from the 159.680 support level. The market’s bullish strength had earlier been dealt a blow when the price suffered acute rejection at the 167.810 resistance level. This led to a 5% drop in price with consecutive candlesticks to 159.680. However, GBPJPY now revives its bullishness from this level and the price is making upward progress again.

GBPJPY Important Levels

Resistance Levels: 167.810, 164.000
Support Levels: 159.680, 151.000
After a long period of consolidation below the key level of 158.060, the price finally breaks out with vigour. The market pushed aside all obstacles to cross the transition zone before it rose to reach 164.000. When the price took a breather, it slumped back to the 159.580 support level just above the transition zone. GBPJPY then revives its uptrend movement and reached 167.810.

The market met strong resistance at 167.810, which led to a strong dip that plummeted the price back to the 159.580 transition support level. The MA period 40 (Moving Average) helps to solidify the price at the support level. GBPJPY has another opportunity to revive the bullish campaign that it has started. The price is currently trying to negotiate 164.000 again, which has left the Stochastic line stalling just below the mid-line.

Market Expectations

The 4-hour chart shows the market has bounced off the 159.680 support level. But on its way upward, the resistance level at 164.000 is presenting itself as an obstruction to the upward flow of the market. The bullish tendency meeting this resistance level results in the market moving sideways. The buyers can be backed to push through as the MA period 40 has slid below the candles and the Stochastic lines are at the oversold border ready for a rise.

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