• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

ForexSchoolOnline.com

Learn to Trade Forex Online

  • Compare Brokers
    • Broker Type
      • Paypal Brokers
      • Swap-Free Brokers
      • Low Spread Brokers
      • ECN / STP Brokers
      • Market Maker Brokers
      • Non Dealing Desk Brokers
      • Low Minimum Deposit Brokers
    • Country
      • Brokers for Australia
      • Brokers for South Africa
      • Brokers for the UK
      • Brokers for the US
      • Brokers for Nigeria
    • Regulation
      • FCA Regulated Brokers
      • ASIC Regulated Brokers
      • FSCA Regulated Brokers
      • CFTC Regulated Brokers
    • Platform
      • MT4 Brokers
      • MT5 Forex Brokers
    • Strategies
      • Hedging Forex Brokers
      • Scalping Forex Brokers
      • Carry Trade Forex Brokers
      • Brokers for Indicators and EA’s
  • Start Here
    • Start Trading Guide
    • Beginner Trading Lessons
  • Free Forex Course
    • Public Login
    • Register
    • Password recovery
  • Lessons
    • Strategies
    • Videos
    • MT4 Guides
    • Money Management
  • Trade Setups
  • Tools
    • Correct Free Demo Charts
    • Forex Journal Download
    • Position Size Calculator
    • FULL List of Tools
    • Forex Demo Accounts
  • Price Action Guide
  • Free Course

GBPJPY Weakens After Rising to a Significant Resistance Level

Johnathon Fox
03/30/2022 | UPDATED ON: 03/30/2022

GBPJPY Analysis – The Market Weakens After a Surge to the 164.000 Resistance Level

GBPJPY weakens after it surges upwards to the 164.000 resistance level. Bears were set to manipulate the market direction downward and had plunged the price below the 153.280 significant level. But the buy traders regrouped at 151.000 for a rally. This leads to a skyrocket in the price, in which GBPJPY rises by 9% to reach the 164.000 significant level. However, the market weakens at this level and is currently retreating.


GBPJPY Important Levels

Resistance Levels: 164.000, 161.650, 160.040
Support Levels: 158.060, 151.000, 149.500
GBPJPY Weakens After Rising to a Significant Resistance LevelThe market has been expanding its range of movement since it broke out of confinement between the 153.280 and 149.500 key levels on the 11th of October last year. GBPJPY then maintains its support level and sets its new resistance bar at 158.060. The price ranged between these key levels till the 7th of March 2022, when buyers accumulated strength. Subsequently, the price pushes upward to a new resistance at 164.000.

At 164.000, bullish momentum weakens, and the price begins to drop. The market’s reaction is now critical in determining the next move. The EFI (Elders of the market) indicates that the bulls are still very active, and the price could strengthen above the previous resistance level to reach new heights. The MA Cross (Moving Average) has crossed upward and remains as support for the market.

GBPJPY Weakens After Rising to a Significant Resistance LevelMarket Expectations

The 4-hour chart focuses on the emerging downtrend to which all indicators have reacted. The MA cross has crossed downward to signal the start of a selling trend. The EFI also dropped deep into a negative value to show the increase of sell traders in the market. However, a lift for the buyers is that GBPJPY is currently displaying a morning-star reversal candlestick pattern, which could help it bounce back towards 164.000.

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 responsible for your investing results.

Recommended Broker

  • Broker
  • Min Deposit
  • Benefits
  • Score
  • Visit Broker

$200

T&Cs Apply
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
5
Trade Now FreeBets Reviews
Reviews

About Johnathon Fox

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.

View all posts by Johnathon Fox →
Previous Post: « NZDUSD Is Fluctuating at the 0.69460 Significant Level
Next Post: EUR/JPY Reaches an Overbought Region, Resumes Downtrend »

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Forex School Online

High Probability Price Action Trading

How to make, manage and take profit from trades in the markets

Start Learning (It's Free!)

Turn Your Trades into Winners!

The Price action course is the in-depth advanced training on assessing, making and managing high probability price action trades.

Sign up for Free!

Recommended Broker

  • Broker
  • Min Deposit
  • Benefits
  • Score
  • Visit Broker

$200

T&Cs Apply
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
5
Trade Now FreeBets Reviews
Reviews

Footer

Get Our FREE Course, Bonus Strategies & Indicators!
X
Join Us Now!

Your capital is at risk.

X

CORNERSTONE LESSONS

Forex Trading for Beginners

Price Action Trading

How to Trade Forex

Technical Analysis

Forex Charts

Forex Trading Strategies

Money Management 

Compare Brokers

Best Forex Brokers

Forex Demo Accounts

Best Forex Trading Platforms

Forex Apps

Swap Fee Accounts

MT4 Brokers

CATEGORIES

Forex Videos

Trading Lessons

Weekly Trade Ideas

Start Here Guide

ForexSchoolOnline.com helps individual traders learn how to trade the Forex market

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature so you must consider the information in light of your objectives, financial situation and needs.

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. This website is free for you to use but we may receive a commission from the companies we feature on this site.

We Introduce people to the world of currency trading. and provide educational content to help them learn how to become profitable traders. we're also a community of traders that support each other on our daily trading journey

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 responsible for your investing results.

Copyright © Forex School Online Sitemap  - Privacy Policy - Disclaimers & Terms of Use - CONTACT US