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GBPJPY Analysis – July 22
GBPJPY continues the market’s upward trend after a retracement. Prices ranged between the two significant zones of 155.700 and 148.700 until a true breakout in March. The breakout in March drove them towards the supply zone at 168.200. After GBPJPY hit its all-time high of 168.200 this year, prices crashed immediately for the next few days and corrected for the next two days, after which the market crashed massively down into the demand zone of 155.700, after which the bulls returned to the market to gain control of it and drive it upward.
GBPJPY Significant Zones
Supply Zones: 175.00 and 168.200
Demand Zones: 155.700, 148.700
GBPJPY Long-Term Trend: Bullish
After the bulls returned to the market, GBPJPY rallied upward with increased volatility. The Fibonacci retracement is used to predict the level at which the price is expected to change course and continue the market trend in an upward direction.
The bears are struggling to keep the market from crashing downward, as confirmed by the low momentum and price’s reaction at level 0.618 of the Fibonacci retracement.
GBPJPY Short-Term Trend: Ranging
On the four-hour timeframe, the GBPJPY market can be seen respecting the four-hour timeframe trendline. The Relative Strength Index (RSI) indicates that the market is in an oversold region. Prices make corrections by forming swing lows whenever they reach oversold territory. The GBPJPY is expected to start consolidating by forming higher lows and lower highs in the triangular pattern that is about to be formed. As the market keeps consolidating, a true breakout is expected through the resistance level of 168.200 for the GBPJPY market to continue its trend in an upward direction.
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