{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/gbpjpy-prepares-for-a-new-bullish-phase\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/gbpjpy-prepares-for-a-new-bullish-phase\/","headline":"GBPJPY Prepares For a New Bullish Phase","name":"GBPJPY Prepares For a New Bullish Phase","description":"Market Analysis: GBPJPY Continues to Rally GBPJPY has exhibited a robust bullish trend, with its rally rooted in a pivotal trough established in late January 2024, which has since acted as the cornerstone of the ascending movement. The pair’s upward trajectory has been persistent, with current price actions offering no substantive signals of a forthcoming […]","datePublished":"2024-06-13","dateModified":"2024-06-13","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\/2024\/06\/eS1MMiQ1-1.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2024\/06\/eS1MMiQ1-1.png","height":613,"width":1195},"url":"https:\/\/forexschoolonline.com\/gbpjpy-prepares-for-a-new-bullish-phase\/","about":["Forex","Forex Strategies","Forex Trading Tools","FX Technical Analysis","GBP\/JPY","GBPJPY","Price Action Charts in Focus","Price Action Trigger Signals","Support & Resistance"],"wordCount":263,"keywords":["Daily Chart","Forex","forex price action","FX Technical Analysis","GBPJPY","Market Anticipation","Market Expectation","Price Action","Price Chart","Technical Analysis"],"articleBody":"Market Analysis: GBPJPY Continues to RallyGBPJPY has exhibited a robust bullish trend, with its rally rooted in a pivotal trough established in late January 2024, which has since acted as the cornerstone of the ascending movement. The pair’s upward trajectory has been persistent, with current price actions offering no substantive signals of a forthcoming reversal.GBPJPY Significant ZonesResistance Levels: 205.900, 200.260Support Levels: 190.380, 184.840A notable acceleration in the pair’s ascent was observed after it rebounded from a support level in early May 2024, characterized by a sharp and almost uninterrupted price surge until it encountered a significant supply zone at the 200.260 level. This juncture prompted a considerable pullback.Nevertheless, the correction phase seems to have concluded, as evidenced by the formation of a reverse head and shoulders pattern. This pattern further reinforces the bullish outlook. The daily Relative Strength Index (RSI) corroborates this sentiment, as it indicates an increasing momentum with the index currently hovering near the 70.0 threshold, which is considered to be an overbought condition. This suggests a heightened bullish intensity, albeit with caution due to the potential for overextension of the current trend.Market ExpectationDespite the bullish indicators, the Market is anticipated to likely encounter resistance at the 205.800 level, which may act as a temporary barrier to the uptrend. It is posited that the GBPJPY will continue to climb, possibly reaching the trend line resistance, before any significant corrections occur.Note:\u00a0Forexschoolonline.com\u00a0is not a financial advisor. Research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results."}