GBPJPY Analysis – Price Rebounds From the 151.000 Significant Level
GBPJPY rebounds upward from an unlikely key level of 151.000. Sellers brought the market below the strong key level of 153.280. From there, the price was expected to plummet further, but the buy traders had other ideas. The market took advantage of the slightest support at 151.000 and rebounds upward. A violation for more upward thrust then followed a retest below 153.280.
GBPJPY Significant Levels
Resistance Levels: 158.060, 156.030
Support Levels: 153.280, 151.000
The buyers have been in the power seat over the market since they broke and maintained the price over the 153.280 key level. However, their inability to breach a strong resistance at 158.060 became their undoing. They tested the resistance to breach it twice, unsuccessfully. Sellers exploited the second test failure to bring the market down. Then the market plummeted beyond the key 153.280 level.
Shortly after, the market buyers came back to themselves and grouped for a rally from an unlikely 151.000 critical level. After a retest, the price has also traded to the upside of 153.280. The RSI (Relative Strength Index), now at 52, has crossed into the bullish half of its chart to show GBPJPY upward abounding. The MA period 10 (Moving Average) has also dropped below the candles to push it up.
Market Expectations
The 4-hour chart shows the price following an uptrend until its current price level exceeds 153.280. The market keeps making higher highs and lows. All is going to plan for the bulls, and all indications are towards a higher price level. The RSI moves closer to the overbought region while the MA period 10 remains firmly below the candlesticks. GBPJPY is expected to continue rising towards the 158.060 resistance level.
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