Market Analysis: GBPJPY Shows No Signs of Ending Current Bullish Trend
GBPJPY market has recently exhibited significant bullish momentum, marked by an absence of substantial retracement. The slight pullback preceding the bullish structure break at 201.650 was short-lived, setting the stage for a robust upward trend. Notably, the pair’s ascent has been characterized by a decisive breach of the 206.000 resistance level, underscored by a notably large bullish candle, signaling strong buyer commitment.
GBPJPY Significant Zones
Resistance Levels: 200.750, 208.000
Support Levels: 192.380, 187.850
A closer analysis reveals that following a minor period of consolidation at the 206.000 threshold, the price swiftly broke through, suggesting a solid bullish sentiment in the marketplace. The Daily Moving Average further corroborates this sentiment, with prices trading comfortably above this key indicator, reinforcing the bullish outlook.
Transitioning to the 4-hour chart provides a clearer view of the price action and offers insights into market dynamics. After a brief consolidation above the 206.000 mark, the GBPJPY pair achieved a bullish break in market structure. This break has led to the establishment of a bullish order block, which is anticipated to act as a catalyst for continued upward movement.
Market Expectation
The 4-hour order block is expected to trigger further buying activity. Should this bullish forecast hold, the pair is likely to maintain its momentum, potentially targeting the 210.000 price level. Forex signals indicate strong buying interest, supporting the continuation of the bullish trend.
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 for your investing results.
Leave a Reply