GBPJPY Breakout is Looming 

Market Analysis -February 16

GBPJPY has formed a rough and inconsistent pattern. From the previous year. The market is currently in a consolidation phase. The symmetrical triangle is preparing the market for a breakout.

GBPJPY Key Levels

Demand Levels: 156.00, 150.80, 145.00
Supply Levels: 160.80, 165.50, 168.00

GBPJPY Long-term Trend: Bullish

GBPJPY experienced its last major trend in March and April. The price soared from 150.80 to 168.00. The Bullish displacement experienced a quick break at 160.00 before reaching for 168.00. The ADX swerved slightly above 40 on the indicator phase to reveal the strength of the trend. The daily candles also aligned above the midline between the Bollinger Bands to show the strength of the uptrend.

Since the bullish displacement in April, the market has not had any prominent trend. The ADX (Average Daily Index) has lay below 40 on the indicator phase. The market consolidated from July to September. In December, the market delivered an impulsive move which caused the price to decline rapidly below 160.00. The market delivery followed a consolidation in November.

GBPJPY Short-term Trend

A symmetrical triangle has formed on the daily chart. The market is set for a breakout. The bullish order block above 164.50 remains unmitigated. A breakout above is expected to reach the bearish order-block.

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