GBPJPY – The bulls are in control eyeing more gains
Trend Analysis: The GBPJPY currency pair on the 4 hours chart has been in an uptrend since 04 February 2020 when it registered the lowest price level of the period under study at 140.910. Since then, the currency pair has been successfully forming higher tops and higher bottoms. At time of writing, the GBPJPY is moving around 143.245 above the 20-period and 40-period simple moving average respectively. This reveals the buyers’ determination to pull the exchange rate of GBPJPY to higher levels.
Additionally, the oscillator analysis indicates positive sentiment for the GBPJPY . The 14 period RSI Oscillator ( Relative Strength Index ) is above the 50 level – a fact that shows that the buyers are in control of the market. The 23 period Momentum Oscillator is also above the 100 mark, which illustrates bullish movement in the currency pair.
When attaching the Fibonacci Retracement tool from the top at 142.877 and dragging it to the bottom at 142.133, three price targets may be calculated. The first target level is projected at 143.337 (161.8%), which has been successfully reached. The second target level is estimated at 144.081 (261.8%). The third target level is forecasted at 145.285 (423.6.8%).
It remains to be seen how much lower the bears will manage to push the price of the GBPJPY .