{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/gbpjpy-soars-skyward-as-the-market-leaves-the-oversold-region\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/gbpjpy-soars-skyward-as-the-market-leaves-the-oversold-region\/","headline":"GBPJPY Soars Skyward As The Market Leaves The Oversold Region","name":"GBPJPY Soars Skyward As The Market Leaves The Oversold Region","description":"GBPJPY Analysis: Price Soars Skyward As The Market Leaves The Oversold Region GBPJPY soars skyward as the market leaves the oversold region. Given that the price is still making higher highs, the downtrend appears to have halted. Nonetheless, the 156.7200 support level and the 165.1000 price level’s swing high currently serve as the market’s trading […]","datePublished":"2023-03-23","dateModified":"2023-03-23","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\/2023\/03\/RgOOCbvu.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2023\/03\/RgOOCbvu.png","height":627,"width":1194},"url":"https:\/\/forexschoolonline.com\/gbpjpy-soars-skyward-as-the-market-leaves-the-oversold-region\/","about":["FX Technical Analysis","GBP\/JPY","GBPJPY","Price Action Charts in Focus","Trade Idea","Trade Setups"],"wordCount":300,"keywords":["Daily Chart","Forex","forex price action","FX Technical Analysis","GBP","GBP\/JPY","GBPJPY","JPY","Market Anticipation","Market Expectation","Market Prospect","Price Action","Price Analysis","Price Chart","Technical Analysis","Trade idea","Trade Setup"],"articleBody":"GBPJPY Analysis: Price Soars Skyward As The Market Leaves The Oversold RegionGBPJPY soars skyward as the market leaves the oversold region. Given that the price is still making higher highs, the downtrend appears to have halted. Nonetheless, the 156.7200 support level and the 165.1000 price level’s swing high currently serve as the market’s trading boundaries.GBPJPY Significant ZonesDemand Zones: 156.7200, 148.6300Supply Zones: 163.0300, 172.1300Price fell sharply into the oversold area after the breakout of the downside consolidation zone. The GBPJPY bears left the market at the price level of 148.6300, giving the bulls control of the market. Due to the rush of buy orders in the oversold area, the price sharply increased. The price exploded to the upside from the oversold area. Until the supply zone was reached at the 172.1300 price level, the expansion proceeded in fractals.Around the 169.0800 price level, a lower high was formed as a result of the selling pressure at the supply zone. However, more price retests of the 169.0800 level suggested that the bears are now motivated to push prices lower. A Fair Value Gap (FVG) was generated with the quick growth from the 148.6300 support. Later, following the December 2022 crash, the FVG was filled downward. At the daily bullish order block, which was also at the 156.7200 support, GBPJPY made a U-turn. After the market’s rejection at the 79.0% Fibonacci retracement level, the bias has been bullish.Market ExpectationThe order flow in the market is bearish on the four-hour chart. A shift in character happened after the rejection at the 79.0% Fibonacci retracement level. GBPJPY is anticipated to continue rising until it encounters the diagonal resistance.Note:\u00a0Forexschoolonline.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."}