GBPJPY Price Analysis – April 8
GBPJPY is set to hold back until the buyers resume their trend. Buyers placed a market buy order at the 159.350 key level shortly after the price broke through. The bulls first whirl the price tendency upward to break through it, and the market is currently reacting above this order block in the market. The bulls gave a short ride, followed by a quick pullback to the 159.350 significant level.
GBPJPY Significant Levels
Resistance Levels: 159.350, 155.380
Support Levels: 150.980, 148.720
GBPJPY Long Term Trend: Bullish
GBPJPY is currently gathering its strength to move upward. The price is expected to go higher above the 159.350 significant level in the market. However, the sellers are also presently hindering the bullish order flow on the price. They are prepared to hold the price back to the 159.350 significant level in the market before another bullish continuation can emerge.
On the daily chart, the price first emerged from the sequel of consolidation before entering the trend line channels in the market. The price, therefore, formed a double top at the bottom of the trendline channel before the buyers eventually broke the price structure. Following the break, a retest was inevitable, and currently, the momentum indicator’s disposition is to lose price tendency in the market. The RSI (Relative Strength Index) shows that the market is overbought, which means there will be a drop back to the 159.359 level.
GBPJPY Short Term Trend: Bullish
The 4hour charge of the market shows the price analysis following a bullish formation in the market. The price is disposed to follow a pullback before further continuation by the bulls in the market. As the sellers emerge from the market, the momentum indicator shows the buyers’ strength decreasing as the sellers settle back to the 159.350 significant level.
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