GBPJPY Buyers Take First Steps Out of a Bearish Regime

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GBPJPY Price Analysis – December 17

GBPJPY buyers take the first steps in defying the current bearish regime by breaking out of its descending channel formation. The $149.000 price level is very instrumental in helping the buyers overturn the market. The price eventually tapered through an ascending triangle pattern, which lasted for more than 15 trading days before buyers forced the market upward. The market is currently trading around 151.447, having breached the descending channel.


GBPJPY Significant Levels

Resistance Levels: 158.200, 152.500
Support Levels: 149.000, 150.510

GBPJPY buyersGBPJPY Long Term Trend: Bullish

The market was trapped in a downtrend after it pushed aggressively but unsuccessfully against the 158.200 resistance zone. There was a market struggle that saw GBPJPY taper through a descending triangle just below the level before it dropped to 152.500. Another bullish effort was subdued in the descending channel and this finally led to another drop to the 149.000 critical level.

The market touched down at 149.000 on the first of December. Thereafter, the price began undulating, being constrained by the 150.510 price level. Eventually, the market started moving up as it tapered in a triangle pattern. On the 16th of December, the price popped out of the channel but was immediately rejected at 152.500. GBPJPY is now hovering above the upper border of the channel, being supported by the MA period 20 (Moving Average).

GBPJPY buyers GBPJPY Short Term Trend: Bullish

The 4-hour chart shows that the market, having been rejected at 152.500, has pulled back for a retest at the upper border of the descending channel. The Stochastic Oscillator demonstrates this with a plunge from the overbought region. An upward cross of the Oscillator’s lines should be taken seriously as it means that GBPJPY is driving toward breaking through 152.500.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.