GBPJPY Buyers Advance Higher

Market Analysis – GBPJPY Experiences Strong Bullish Momentum

GBPJPY buyers advance higher. The bulls have successfully defeated strong key levels, extending their reach to new highs that haven’t been seen in recent months. Despite a minor pullback earlier this month from the 191.200 significant level to the 187.900 significant level, the buyers have managed to regain their strength, and the bullish momentum has become even stronger than before. 

GBPJPY Market Level

Resistance Levels: 193.000, 191.000
Support Levels; 187.000 185.200

After the pullback from the 191.200 significant level, the buyers were able to reestablish their strength and push the price higher. The bullish momentum has been increasing steadily, indicating the buyers’ confidence in their position. The buy traders will likely penetrate the key level of 193.600 shortly. With the increasing bullish momentum, we could see the price trade reach new highs, potentially reaching the crucial level of 196.000. The stronger the momentum becomes, the easier it will be for traders to challenge further in the market.

The Parabolic SAR indicator has exited the sell trend and is now focused on the bullish strength. This indicates a shift in momentum from bearish to bullish, further supporting the idea of continued upward movement in the market. The MACD indicator, which measures the convergence and divergence of moving averages, is also fueling the bullish sentiment. The increasing values on the MACD histogram suggest that the buyers are in control and that the momentum is favoring further upward movement.

Market Expectation 

In the short term, the buyers continue to maintain their strong momentum and are expected to break through the 193.600 key level in no time. The bullish market, therefore, appears to be very strong in the short term, and there is a high likelihood of a price breakout shortly.

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