GBPJPY Continues To Fluctuate as the Price Gets Rejected at 167.810

GBPJPY Analysis – The Market Continues Ranging as the Price Suffers Rejection at 167.810

GBPJPY continues ranging as the price gets rejected at the 167.810 resistance level. Bearish forces are curtailing the bullishness in the market. This is now leading to a ranging market. The bulls quickly recovered from the down cycle by touching the support level with a long candle wick. The market then ascended towards the resistance with much vigour. Nevertheless, GBPJPY gets rejected on reaching the 167.810 resistance level.

GBPJPY Key Levels

Resistance Levels: 150.570, 167.810, 172.330
Support Levels: 165.780, 163.000, 159.680
The present key support for the market is at 159.680. GBPJPY ascended to this key level during an upsurge on the 22nd of March. Since then, the market, though still predominantly bullish, has had to rely on the support level to stay afloat several times. There was, however, a notable instance when the price slipped below the key level. The prevailing bullish predisposition helped the buyers recover from a weaker support level.

The price recovers from the dip in the market using a symmetrical triangle design. After recovering back above the price level, it surges strongly upwards, bypassing several key levels in the process. The upward adventure, however, came to an end at 167.810. A weakened market dipped back to receive strength at the support level. After this, it surges upward again, only to be blocked at the same level again.

Market Expectations

The MA period (Moving Average) 50 plays a significant role by acting as a kind of support for the market on its first rejection from 167.810 on the daily chart. On the 4-hour chart, the MA is also a support to keep the price from dropping from above 165.780. Meanwhile, the RSI (Relative Strength Index) line is oscillating about the zero level to show a balanced range movement in the market. GBPJPY is predicted to break through from its current location towards 170.570.

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.