GBPJPY Maintains Bullish Streak With No Sign of Slowdown

Market Analysis- Buyers Refuse to Back Down 

GBPJPY maintains a bullish streak with no sign of a slowdown. The bulls have chosen to continue their solid push forward as more traders make their presence known in the market. It is plausible to expect the price to break through the significant zone of 188.730. This level has only been reacted to for months but not breached throughout the entirety of last year.

GBPJPY Market Levels

Resistance Levels: 188.730, 184.860
Support Levels: 180.710, 178.010

The bulls were the dominant force in the market last year, and this trend has continued since the start of 2024. The buyers have been charging forward with strong bullish momentum, kicking off immediately above the significant zone of 178.010. Following this, the buyers pulled the price higher, breaking through the level of 184.060 last week. However, the buy sentiment diminished, leading to a retest of this key level before the continuation of the upward move.

After the retest at the 184.860 price level, the bulls have regained their strength and are currently heading towards the critical level of 178.730. This time, with increased volatility in the market, there is a higher possibility of a breakout above this significant zone. For weeks, the Bollinger Band, a technical indicator that measures market volatility, has been present with large fluctuations. This indicates the potential for further price movements.

Market Expectation

The Parabolic SAR (Stop and Reverse) indicator is still gliding up north, signaling that buyers remain in control of the market. GBPJPY is still favoring a bullish outlook, and buyers are eagerly awaiting more expansion. Even in the short time frame, the bulls are not willing to break the trend, further supporting the bullish sentiment. It is plausible to see the price extend beyond the 178.730 level.

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