{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/gbpjpy-sustains-bullish-trend\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/gbpjpy-sustains-bullish-trend\/","headline":"GBPJPY Sustains Bullish Trend","name":"GBPJPY Sustains Bullish Trend","description":"GBPJPY Analysis – May 10 The GBPJPY pair has been steadily increasing in price, exhibiting a bullish trend and reaching an all-time high in late April 2024. This suggests strength in the GBP as the price continues to show no signs of reversing its upward trend. GBPJPY Significant Zones Resistance Levels: 197.900, 202.000Support Levels: 190.300, […]","datePublished":"2024-05-13","dateModified":"2024-05-13","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\/05\/6CbJds4w.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2024\/05\/6CbJds4w.png","height":611,"width":1195},"url":"https:\/\/forexschoolonline.com\/gbpjpy-sustains-bullish-trend\/","about":["Article","charts","Forex","Forex Strategies","Forex Trading Tools","FX Technical Analysis","GBP\/JPY","GBPJPY","Price Action Charts in Focus","Price Action Trigger Signals","Support & Resistance","Technical Analysis","Trade Idea","Trading","Trading strategy"],"wordCount":325,"keywords":["Daily Chart","Forex","forex price action","FX Technical Analysis","GBP\/JPY","GBPJPY","Market Anticipation","Market Expectation","Price Action","Price Analysis","Price Chart","Technical Analysis"],"articleBody":"GBPJPY Analysis – May 10The GBPJPY pair has been steadily increasing in price, exhibiting a bullish trend and reaching an all-time high in late April 2024. This suggests strength in the GBP as the price continues to show no signs of reversing its upward trend.GBPJPY Significant ZonesResistance Levels: 197.900, 202.000Support Levels: 190.300, 185.100Since early February 2023, the GBPJPY has exhibited a consistent bullish trend, characterized by a series of higher highs and lows, with minimal volatility. This steady ascent was disrupted in late April 2024 when a surge in market volatility propelled prices to breach the established trend line resistance. This breakout suggests an aggressive influx of buyer orders, setting the stage for a potential continuation of the bullish momentum.Upon achieving this significant climb, the price action underwent a retracement, finding support at a bullish order block close to the trend line support, indicating interest from buyers to enter the market at a more favorable price. This pullback is seen as a preparatory phase before the resumption of the uptrend. The Moving Average (MA) on both the daily and 4-hour timeframes corroborates the upward trajectory, as the price is currently positioned above the MA lines, signaling continued bullish sentimentConversely, the 4-hour chart formulated a reverse head and shoulders reversal pattern just as it encounters resistance at the bullish order block providing confluence for a bullish tendency on the short-term trend. However, The RSI touching the 70.0 overbought mark on this timeframe, hints at the possibility of an impending pullback, or at least a temporary deceleration in the bullish pace.Market ExpectationThe market is expected to undergo a decline on the 4-hour chart, leading to a retracement. This retracement is likely to attack liquidity above the bullish order block on the 4-hour chart, engineering a bullish momentum in price.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"}