GBPJPY Bullish Strength Is Set to Bounce Back

The bullish strength of GBPJPY is set to bounce back. The GBP/JPY pair shows signs of bullish strength as the buyers continue to gain momentum in the market. On the daily chart, it is evident that the buyers have returned with renewed vigor. In their previous move, they managed to push the price up to the significant level of 188.200. This key zone has not been tested for several months, indicating a potential breakout opportunity.

GBPJPY Significant Levels:

Resistance Levels: 188.200, 186.650
Support Levels: 184.480, 180.730

The bullish trend has been steadily rising since late October. During this period, the buyers regained their drive after consolidating for some time. The choppy price action, depicted by the box area on the chart, suggests market indecision. However, the buyers eventually fought through and surpassed the significant level of 180.730.

Based on the current market dynamics, the new drive exhibited by the buyers could intensify and build momentum beyond the 188.200 level. The Relative Strength Index (RSI) still indicates that the buyers are gaining dominance and pushing the price higher.

GBPJPY Market Expectation

Additionally, the Money Flow Index is gradually moving back into positive territory in shorter time frames. Its trend indicates an increase in buying pressure.

The market currently presents a buying opportunity that market participants can potentially take advantage of. A bullish ride is therefore plausible, with a target of up to the 188.200 significant level as their momentum increases.