GBPJPY Buyers Are Hoping for a Price Rally Back to the 168.810 Key Zone

GBPJPY Analysis: Buyers Are Hoping for a Price Rally Back to the 168.810 Key Zone

GBPJPY buyers are hoping for a price rally back to the 168.810 key zone. The market has recently been flooded with a lot of buying opportunities. Despite the intervention of the sellers, the GBPJPY value is still projected to reach and even break through the 168.810 critical zone. This market zone has been a fortification, and, as a result, when buyers trade close to it, the sellers take no chance of causing a price decline back to the 160.450 key zone. This is what sellers have recently done by stopping buyers from making new highs above the key level of 168.810.

GBPJPY Significant Levels

Resistance Levels: 164.670, 168.810
Support Levels: 160.450, 148.820
However, it is expected that as more buying traders enter the market, there will be a break across this crucial level on the daily chart. The buyers of the currency pair have successfully broken through the 164.670 key zone due to more buying interest. With prices hitting this level, buyers now project that prices will go higher due to more buying opportunities. Therefore, an outflow of trade is expected across the GBPJPY pair.

The GBPJPY is currently approaching the upper border of the triangle wedge. Following a successful break, expect an influx of buyers, as momentum indicator strength is increasing on the daily chart. However, a quick drawback should also be anticipated back to the 164.670 key zone. The Stochastic Oscillator has approached the 100.00 level, indicating an overbought session.

Market Expectations

A successful ride has occurred above the 164.670 critical level with a pullback before a bullish continuation on the 4hr chart. The sellers are interfering with the buying activities in the GBPJPY market. With less selling influence, there will be a quick pull upward to the 168.670 critical level.

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