GBPJPY Analysis – The Market Is Set to Surpass Its Year High at 167.810
GBPJPY is set to surpass its highest price level for the year 2022. The currency pair is currently embarking on a powerful bullish streak since overcoming the downward forces against the market on children’s day. The strength of the price rally is helping it defy and defile all significant levels that have previously stood as hindrances to the market’s rise. The price has risen to the year’s high at 167.810 and is set to surpass it.
GBPJPY Significant Levels
Resistance Levels: 170.570, 167.810, 164.000
Support Levels: 159.680, 156.030, 151.000
The bullish momentum in the GBPJPY begins when the bulls use the nitro accumulated while the market was consolidating. Hence, the price skyrockets from the 151.000 key level. GBPJPY violates several key levels including the consolidation border at 158.060 to reach 164.000. This is where weakness begins to set it. The currency pair was being knocked down to 159.680. The price picks up again, though, to meet a 6-year high.
At the 6-year high of 167.810, the bulls’ strength begins to dwindle and buyers are exhausted. This allows downward forces to plunge the market strongly, even below the 159.680 support. When it seemed as though all the buyers’ investment will be lost, they picked up again. A struggle follows in which the bulls prevail. GBPJPY is trying to reach 167.810 and surpass it. Surprisingly, the ATR (Average True Range) shows that market volatility is reducing. This means more volatility was expended to break upwards.
Market Expectations
On the 4-hour chart, the market ascension is well laid out. The price can be seen gliding through the key level. The EFI (Elders Force Index) highlights the strength of the buyers as the power line maintains a position above the zero level at a stretch. Market volatility is still taking a dip in the short time frame. This means lesser energy is being used to drive upwards. This could be a loophole for bulls, though. In the meantime, GBPJPY is expected to ascend to 170.570.
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