GBPJPY Analysis – April 29
GBPJPY intends to continue with the market’s impulsive swing. Following a price explosion caused by sellers on the GBPJPY price structure, this came as an outcome of the price swing low, with the bulls continuing to rally onward. As the bullish trend progressed, the price swung down straight to the 159.490 significant level of the market. The buyers are now making an impulsive movement as the price is projected to run up to the 168.220 significant level of the market.
GBPJPY Significant Levels
Resistance Levels: 168.200, 159.490
Support Levels: 153.290, 148.780
GBPJPY Long Term Trend: Bullish
GBPJPY first passed through the phase of struggling between the buyers’ and the sellers’ manipulation. The market experienced a clash until the bulls’ pressure was able to subdue the sellers in the market. The buyers then yielded strength above the 148.780 significant level. The candlesticks began to rise above the 153.290 significant level in the market. The bulls’ impulse continues to increase, thereby affecting the price structure.
There appears to be a market turnover as the bulls rallied the price up to the important 168.220 barrier. In the market, the momentum indicator fell considerably. Due to an increase in impulsive inclination, the market is already preparing to boost price movement back to the 168.220 key level of the market. On the daily chart of the GBPJPY market, the momentum indicator shows that the price is already increasing.
GBPJPY Short Term Trend: Bullish
Buyers now expect to drive the price trend forward on the 4-hour chart. Following the market’s decline, it has now tested the middle level of the Bollinger band. As a result, as the market’s momentum develops, the price is now bulging to push back to the 168.220 key level.
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