{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/gbpjpy-weakens-after-rising-to-a-significant-resistance-level\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/gbpjpy-weakens-after-rising-to-a-significant-resistance-level\/","headline":"GBPJPY Weakens After Rising to a Significant Resistance Level","name":"GBPJPY Weakens After Rising to a Significant Resistance Level","description":"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 […]","datePublished":"2022-03-30","dateModified":"2022-03-30","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\/2022\/03\/GBPJPY-1Day-4.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2022\/03\/GBPJPY-1Day-4.png","height":747,"width":1801},"url":"https:\/\/forexschoolonline.com\/gbpjpy-weakens-after-rising-to-a-significant-resistance-level\/","about":["Article","Article-com","Case Study","charts","Featured Articles","FX Technical Analysis","GBP\/JPY","Price Action Charts in Focus","Support & Resistance","Survey","Trade Idea","Trade Setups"],"wordCount":321,"keywords":["Daily Chart","forex price action","FX Technical Analysis","GBPJPY","Market Expectation"],"articleBody":"GBPJPY Analysis – The Market Weakens After a Surge to the 164.000 Resistance LevelGBPJPY 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 LevelsResistance Levels: 164.000, 161.650, 160.040Support Levels: 158.060, 151.000, 149.500The 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.Market ExpectationsThe 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."}