GBPJPY Price Analysis – April 1
GBPJPY buy traders set the market order at the 159.400 significant level as the bulls’ trend is set to continue. The buyers are setting price order flow around the 159.400 significant level to stimulate bullish order sequences in the market. Since the bulls are currently considered the major contenders in the price action, GBPJPY will seek to push further in the market as the momentum in the price continues. Therefore, the market expectation is for a rebound set at 159.400. Following that, the market will remain bullish for a short period as more orders are broken.
GBPJPY Market Levels:
Resistance Levels: 159.400, 155.480
Support Levels: 1150.950, 148.840
GBPJPY Long Term Trend: Bullish
Bullish traders anticipate price action shortly after the bearish deadlock at the significant level of 150.950. The price, therefore, experiences a bullish flow in the market. The bullish trend continued even after the price broke through the 155.480 significant level in the market. However, the sell traders reacted to the significant line after breaking through it. However, the wave continued till the price arrived at 159.400, where more pending orders were seen. The buyers took the price above this level. Shortly after, the sell traders dropped the price tendency back to this level.
The bulls are currently picking up price order flow as the market is rebounding from the 159.400 key level. The price has caused a reaction in the upper band of the Bollinger indicator. Therefore, the price is stimulated to continue its uptrend due to market reaction at the 159.400 key level. The signal line of the MACD (Moving Average Convergence and Divergence) indicator still gives a bullish confirmation on the daily chart. The buy traders are therefore set on a run as the momentum in the price continues.
GBPJPY Short Term Trend: Bullish
The market on the 4-hour chart of GBPJPY is termed bullish due to price consistency in pushing forward. The price continues to create higher highs and higher lows in the market. As the bullish run continues below the 159.400 key level, the bulls seem prepared to take price orders.
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