GBPJPY has been consolidating in the long term, forming a wide range after a significant bearish displacement in July. The price has repeatedly encountered resistance at 194.7620, creating a new key level within the range. Notably, the price has stopped three times at this level while attempting to reach the upper border of the range at 198.1480.
The Average Directional Index (ADX) last signaled a strong trend in July of the previous year, when the price experienced a wild bearish displacement. Since then, the ADX has remained around 20, indicating a lack of a distinct trend. The trends have been short-lived, resulting in a range-bound market.
The price has failed to reach the upper border of the range at 198.1480 since the beginning of the year. The Anchored Volume Profile reveals significant trading activity around 195.0860, which has led to the formation of a new resistance level below the extreme border of the range.
GBPJPY Short-term Trend: Ranging
The price has ascended along a bullish trendline to the resistance level of 195.0960. However, the MACD line and Signal line have crossed, indicating potential signs of a price fall on the daily chart. A break of the bullish trendline is anticipated and can be closely monitored on the 4-hour chart. If the trendline holds, the price may reach the extreme border of 198.1480.
Trade on MT4 with Leverage up to 1:500! Trade on MT4 with Leverage up to 1:500!
X
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OkPrivacy policy
GBPJPY Short-term Trend: Ranging
GBPJPY Short-term Trend: Ranging
