{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/gbpjpy-bulls-successfully-overturn-the-market-with-a-triangle-pattern\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/gbpjpy-bulls-successfully-overturn-the-market-with-a-triangle-pattern\/","headline":"GBPJPY Bulls Successfully Overturn the Market With a Triangle Pattern","name":"GBPJPY Bulls Successfully Overturn the Market With a Triangle Pattern","description":"GBPJPY Analysis – Bulls Successfully Overturn the Price at 149.000 GBPJPY bulls have successfully executed a reversal at the 149.000 support level using an ascending triangle pattern. The 149.000 support level is one at which several market reversals have taken place previously, therefore it has happened again as predicted. However, the upturn in price wasn’t […]","datePublished":"2021-12-29","dateModified":"2021-12-29","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2021\/12\/GBPJPY-1Day-4.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2021\/12\/GBPJPY-1Day-4.png","height":746,"width":1801},"url":"https:\/\/forexschoolonline.com\/gbpjpy-bulls-successfully-overturn-the-market-with-a-triangle-pattern\/","about":["Article","Article-com","Case Study","charts","Featured Articles","FX Technical Analysis","GBP\/JPY","Price Action Charts in Focus","Support & Resistance","Survey","Trade Idea","Trade Setups"],"wordCount":297,"keywords":["Daily Chart","FX Technical Analysis","GBPJPY","Market Anticipation","Price Action"],"articleBody":"GBPJPY Analysis – Bulls Successfully Overturn the Price at 149.000GBPJPY bulls have successfully executed a reversal at the 149.000 support level using an ascending triangle pattern. The 149.000 support level is one at which several market reversals have taken place previously, therefore it has happened again as predicted. However, the upturn in price wasn’t straightforward as the market dipped with strong momentum, breaking key levels on its way to reaching 149.000.GBPJPY Key LevelsResistance Levels: 150.510, 152.500Support Levels: 147.450, 149.000Price broke into the ranging zone on the 26th of November 2021. Reaction to the downward flow of the market then really began at 150.510. The 150.510 price line switched from market support to resistance after the price dropped below. Then, GBPJPY tapered upward from the 149.000 support as it sought to effect a reversal. This continued for 4 weeks till the price successfully broke out.In breaking upward and out of the descending channel, the price employed a bullish engulfment candlestick pattern. Afterward, the market rose using consecutive bullish candlesticks. This helps to break past the upper border of the ranging zone at 152.500. A small pullback was needed to break the next resistance at 153.470. The Elders Force Index shows the switch of power to the bulls as it climbs into a positive value.Market ExpectationsThe 4-hour chart shows there was an initial breakdown in reversal as the price was initially rejected at 152.500. However, a pullback eventually broke through it and completed the market’s reversal. GBPJPY remains upward-abounding as it tries to break past 154.710. Bulls can be expected to break through it as long as the Moving Average period 20 serves as market support.Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results."}