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GBPJPY Soars Within the Confines of a Sideways Market

GBPJPY aggressively stepped back above the simple moving averages (SMAs) and the mid-Bollinger band today, taking out the nearby highs of 139.50 and 139.77 before tackling the upper Bollinger band at 139.91. The steady incline in the 200-period SMA promotes a positive picture, while the fairly horizontal 50- and 100-period SMAs endorse a more neutral tone.

The short-term oscillators are reflecting increasing positive sentiment. The strengthening MACD is pushing higher above its red signal line and has pierced above the zero level, while the RSI is extending its climb above the 50 threshold.

Maintaining the drive upwards from the 138.00 handle, the pair is currently encountering the upper Bollinger band at 139.91. Should more gains be logged, buyers may then target the 140.31-140.43 heavy resistance ceiling and the neighbouring near three-month peak of 140.69. Surpassing these obstacles, the price may then elevate towards the 141.17 and 141.42 highs from September 4.

Otherwise, if sellers retake control and steer the price back down, initial support may commence from the 139.77 and 139.50 marks (previous resistance-now-support) ahead of the 100-period SMA at 139.19. Retreating further, the key zone from the 50-period SMA of 138.96 until the mid-Bollinger band at 138.65, which also includes the 200-period SMA, could prove a difficult obstacle to dive past. However, succeeding to do so, the price may then hit the 138.30 and 138.00 troughs before targeting the lower Bollinger band at 137.40.

In conclusion, GBPJPY remains volatile, restrained within the lower and upper boundaries of 136.78-137.02 and 140.43-140.69.