FX.co ★ Usman620 | GBP/JPY

GBP/JPY Now I will do a market analysis on the GBP/JPY pair. GBP/JPY is a major currency pair in the forex market. I am looking at the h1 time frame chart of GBP/JPY. The market is currently stuck between support and resistance levels, with support at 195.86 and resistance at 198.85. Today, the market hit the resistance level and fell back to the support level. The market did not break below the resistance level. GBP/JPY recently bounced after hitting the support level and the ascending support line at the intersection below 197.05. Although still well below the long-term descending line, the pair has made higher lows and higher highs above the aforementioned ascending line, so we currently see more upside opportunities. If the h4 candle closes below the support level, it will take you to the next support level target. If the h4 candle closes above the support level, the support level will not be broken and the market will rise. The 200-day smooth moving average is now above our resistance level. The RSI indicator is currently between 30-70. The maximum resistance point on the H4 chart is 207.5 and the minimum support point is 182.53. The market has not yet broken the support highs and lows, these are our strong support and resistance levels. The support and resistance levels of the chart tell us whether the market is going up or down. Indicators used in this chart: 50-day smoothed moving average color navy blue: 200-day smoothed moving average color chocolate brown: RSI indicator length 14: