GBPJPY Breaks Out of the Ascending Triangle

Market Analysis -February 25

GBPJPY has broken out of an ascending triangle. The pull of the bearish order block has fostered a price ascent.

GBPJPY Key Levels

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

GBPJPY Long-term Term: Bearish

GBPJPY remained in consolidation for the majority of November. the Moving Averages (periods 9 and 21) crossed sideways. The Stochastic signaled the market was overbought. The bears sized up the opportunity. The price fell below the 160.80 key level. A fair value gap was deposited due to the sudden delivery to the support level.

A bearish order block was deposited just before the major bearish displacement. Another consolidation phase followed after the bearish displacement. Equal highs and higher lows led to the formation of an ascending triangle. The pull of the bearish order block has fostered a breakout above the symmetrical triangle.

GBPJPY Short-term Trend: Bullish

The market has broken through the 160.80 key level. The sellers in the market are anticipating taking advantage of the bearish order block below the 168.00 supply level. The Williams% Range is currently overbought. A retest of the key level and the upper border of the ascending triangle is expected to aid the push up to 168.00.

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