Market Analysis – Buyers Plan to Continue the Strike
GBPJPY rally resumes gains. Despite a slight setback last week, bullish intentions remain strong in the long run. While the momentum may have been altered temporarily, the buyers have shown resilience and continue to push forward.
GBPJPY Key Levels
Resistance Levels: 190.080, 187.940
Support Levels: 185.200, 178.590
The buyers wasted no time in making their presence felt, initiating their first strike with an immediate reversal from the 178.590 price level. This marked the beginning of a solid bullish order flow that has persisted since then. With strong candlestick patterns, the buyers have been steadily penetrating forward, overcoming key levels along the way.
Each key level in the GBPJPY pair presents an opportunity for traders to enter or exit the market, often with the assistance of forex signals. The next significant level after the initial reversal was the 181.090 market level, which was successfully breached by the buyers. This was followed by the 185.200 market level, which also proved to be a crucial entry and exit point for traders.
In February, the GBPJPY pair witnessed a bullish spike that extended up to the important zone of 190.090. This surge in price further solidified the buyers’ confidence and their desire to create new highs this year. However, it is important to note that the momentum has been temporarily altered, leading to a pullback from the recent highs.
Despite the temporary setback, the bulls are still actively seeking opportunities in the market. The Relative Strength Index (RSI), a popular momentum indicator, is currently showing efforts on the buy side of the market. This indicates that the buyers are still in control and are determined to resume the upward trend.
Market Expectation
Additionally, the Parabolic SAR (Stop and Reverse) indicator’s trending dot remains unchanged, further supporting the notion that the buyers are maintaining control. These indicators, along with the buyers’ solid order flow, suggest a bullish outlook for the GBPJPY pair.
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