GBPJPY Analysis – Buy Traders Gain Momentum to Push Further
GBPJPY gains new ground as it breaks through old highs. The market has proven to be unfavorable for the bear as buyers are currently charging prices to move higher. This implies that the bulls have positioned themselves to continue the currency pair’s buying trend. Following the price’s break out from the eight-month-old high, the sellers made an appearance as the price pulled back to the 166.920 key zone that was initially broken. The bulls are currently surging higher after a price retracement on the daily chart.
GBPJPY Key Levels
Resistance Levels: 166.920, 160.530
Support Levels: 154.390, 148.590
The GBPJPY had been in a bullish state for a while, irrespective of sellers’ holding back in the market. The buying posture has been sustained right from the old low of 148.950. From this point, there has been a major increment in the buying volume distribution. The bulls exhausted buying opportunities following the first bullish arrival at the 166.920 key zone. The GBPJPY buying trend has peaked, giving way to price consolidation.
However, the buyers are back on their feet as a buying moment is seen following a smash beyond the 166.920 key zone. The MACD (Moving Average Convergence and Divergence) indicator shows the price riding on a positive gradient as the bullish histogram increases. The Parabolic SAR (Stop and Reverse) indicator is also building up on a positive slope as buyers are currently in charge 
Market Expectations
The bulls are riding on the following price retracement on the 4-hour chart. The momentum indicator is currently increasing as buyers are already charged with gaining new highs in the market. Buy traders are therefore causing a big move above the 166.920 key zone as MACD remains positive for bullish movement.
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