GBPJPY Buyers Take Over The Market As Price Creates A Higher Low

GBPJPY Analysis: Buyers Take Over The Market As Price Creates A Higher Low

GBPJPY buyers take over the market as the price creates a higher low. The bulls’ confidence has increased due to the price’s inability to make a lower low below the 156.7200 level. As a result, there was an increase in buyers as prices continued to rise.

GBPJPY Significant Zones

Demand Zones: 156.7200, 148.6300

Supply Zones: 163.0300, 172.1300

The direction bias of GBPJPY has been upward since the formation of a higher high above the prior high of 151.2400. The market was moving downward before this changed. However, after closing the fair value gap, the downtrend lasted until 156.7200. The FVG was established in 2022, during the final rally. On September 26, 2022, when the price came back after a stop hunt, a fair value gap formed. The price reversed at the 172.1300 resistance after the rally’s end.

The reversal was engineered to restore fair value. A lower low was made on January 3, 2023, at 155.3500. At the 155.6400 price level, another lower bottom was made similarly. The year’s low is now at 155.6400. The 156.7200 support later caused the creation of a higher low. This occurred shortly after the higher high at the price level of 161.7800 was formed. Following the execution of the purchase orders at the discount zone, GBPJPY is now moving upward.

Market Expectation

Up until the invalidation of the high at the 163.3400 price level, GBPJPY was in a downtrend. The “mitigation block” or “bullish order block” is anticipated to be a turning point as the upward trend progresses.

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