{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/gbpjpy-is-setting-up-camp-around-the-new-resistance-level\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/gbpjpy-is-setting-up-camp-around-the-new-resistance-level\/","headline":"GBPJPY Is Setting up Camp Around the New Resistance Level","name":"GBPJPY Is Setting up Camp Around the New Resistance Level","description":"GBPJPY Analysis – The Market Is Camping Around the New Resistance Setting at 164.000 GBPJPY is setting up a new camp around the 164.000 resistance level. Since the price sprang off the key support of 151.000, the market has not looked back since. There was a stretch of the price till it hit and broke […]","datePublished":"2022-04-06","dateModified":"2022-04-06","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2022\/04\/GBPJPY-1Day.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2022\/04\/GBPJPY-1Day.png","height":743,"width":1801},"url":"https:\/\/forexschoolonline.com\/gbpjpy-is-setting-up-camp-around-the-new-resistance-level\/","about":["Article","Article-com","Case Study","charts","Featured Articles","FX Technical Analysis","GBP\/JPY","Price Action Charts in Focus","Support & Resistance","Survey","Trade Idea","Trade Setups"],"wordCount":312,"keywords":["Daily Chart","forex price action","FX Technical Analysis","GBPJPY","Market Anticipation"],"articleBody":"GBPJPY Analysis – The Market Is Camping Around the New Resistance Setting at 164.000GBPJPY is setting up a new camp around the 164.000 resistance level. Since the price sprang off the key support of 151.000, the market has not looked back since. There was a stretch of the price till it hit and broke the old resistance at 158.060 and rose to 164.000, setting a new price campsite. There was a retracement due to overexertion of buy traders, and the price dropped but is now recovering from 159.680.GBPJPY Important LevelsResistance Levels: 167.810, 165.780, 164.000Support Levels: 159.680, 151.000, 149.500The current trend in the market is likely a repeat of what happened in late February of last year. The price rose to break new barriers and then created support at 149.500. Despite the best efforts of the sellers, GBPJPY held above 149.500. The market began to expand from here by breaking the 153.280 resistance to set a new resistance at 158.060. Now, GBPJPY has exceeded this also.The market is setting camp below a new price level of 164.000, which happens to be a 6-year market high. The price is recovering from a retracement to retest the resistance level again, and the Relative Strength Index (RSI) is now approaching the overbought region again. Meanwhile, the EFI (Elders Force Index) emphasizes bullish strength in the market.Market ExpectationsOn the 4-hours chart, the market has repeatedly received support from 159.680. The next level has been violated as the price re-approaches the new camp level of 164.000. Like on the daily chart, the RSI is approaching overbought while the EFI power line has recovered from a negative value to a positive one. GBPJPY could either break through the 164.000 resistance and move higher, or it could begin consolidating below it.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."}