GBPJPY Establishes Bullish Stance with a Significant Change

GBPJPY Analysis: Market Establishes Bullish Stance

GBPJPY establishes a bullish stance with a major change of character ( ChoCh) on the 24-hour chart. The long-term bullish trend witnessed a significant pullback after the Williams Percent Range signified the exhaustion of the buyers. The current shift in market structure seems to be a resumption of the uptrend.

GBPJPY Key Levels:
Demand Levels: 181.040, 176.300
Supply Levels: 184.400, 186.800

GBPJPY’s bullish stance is obvious with the aggressive upthrust in the price and the lethargic downward motion. The daily candles also suppressed the Moving Averages (periods 30 and 50) until September. A bullish trendline anchored on the bullish order block in June further reveals the uptrend.

The price of GBPJPY rallied after the test of the bullish order-block (OB) deposit in June. The test of the OB was utilized to engineer efficient delivery of the price action. The Fair Value Gaps (FVG’s) were covered up immediately. Eight consecutive days of up-close candles followed to strike the supply zone of 186.80

Market Expectation

The current retracement seems to have come to a halt with the recent price action. A bullish market structure has emerged from the test of the trendline. The price has surged above the previous swing high on the bearish retracement for a bullish reversal. The price is currently running towards the resistance level of 184.40.