GBPJPY Buyers Are Still Active

GBPJPY Analysis – Buyers Are Still Active; Watch Out for Breakout or Rebound

GBPJPY buyers are still active as we except either a break out in the trend zone or price rebounding it. There has been a substantial movement as we have seen buyers pulling strings with much strength from the 160.730 key zone. The buyers have opened up a strong candlestick and the price has also smashed above the 163.050 key zone. We are therefore hopeful that a further movement will continue, which will be able to push price action above the trend zone.

GBPJPY Key Levels

Resistance Levels:168.260, 163.050
Support Levels: 160.730, 149.650

The bullish trend has been quite visible throughout the GBPJPY market phase. Although sellers have dealt with price moments on the currency pair, both in consolidation stages and pullbacks. The buyers first created a massive awareness after the market range was exhausted at the 149.650 key zone. Due to the price response at the trending channel above the 149.650 market level, buyers were able to accelerate their buying orders beyond the 160.730 key zone. The bulls, however, rested shortly after the price overcame the 160.730 significant level. When the buy traders took over, the price briefly retested the upper trending channel before setting upward till they eventually showed unwillingness to break beyond the 168.260 resistance level

GBPJPY’s second attempt to break price beyond the 168.260 market level was unfruitful and this led to the market falling into a descending consolidation phase. On the current form, the buyers are now prompted to continue forward. However, this will only take place if the buy traders first break out of the consolidation phase. The Bollinger Band shows a price squeeze and a breakout is currently happening around the upper band level. The RSI indicator still shows buying prospects on the daily chart. A breakout is therefore more plausible than a reversal in the currency pair.

Market Expectation

Bullish liquidity has been well defined, and we can anticipate more trading opportunities in the GBPJPY market. The price oscillator is still rising as we anticipate more buying pressure on the GBPJPY pair. More buying prospects are yet to be attained at 168.260 following the Bollinger squeeze on the 4hr chart.

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