GBPJPY Experiences a Change in Direction in the Market

Updated:

GBPJPY Price Analysis – February 4

GBPJPY experiences a change in direction in the market. The market in the daily timeframe has formed a wave-like picture. The market has gyrated from highs to lows and vice versa. On the 4th of November, the Moving Averages period nine and twenty-one crossed to signify a bearish move in the market. The Moving Averages crossed on the bearish order block. This led to an impulsive move into 152.390.


Significant Zones on GBPJPY

Supply Zone: 158.190, 154.790
Demand Zone: 152.390, 149.010

GBPJPY Experiences a Change in Direction in the Market

GBPJPY long term trend: Bullish

The market created consolidation during November. This led to another impulsive move into a deeper demand level at 149.010, which caused the buyers to storm the market. The price was pumped to almost reach 158.190. The market retraced its steps after creating a double top in January. The double top caused a change in the direction of the market. It failed to reach the 158.190 zone.

The retracement dropped into an order block between the 154.790 resistance and 152.390 demand zones. The retracement gathered momentum to skyrocket the price to 158.190. There was rejection at the order block before the bullish move. The rejection on the 24th of January signified a change in direction in the market.

GBPJPY Experiences a Change in Direction in the Market

GBPJPY Short Term Trend: Bearish

The zone was reached at 158.190 on the 10th of February. A head-and-shoulders was formed beneath the supply zone, which signifies a change in direction in the market. The neckline was retouched, and the price dropped. The Moving Averages period nine and twenty-one further confirm the change in the market’s direction. The bears are currently on the run, with the 152.390 target in sight.

How To Buy Lucky Block 

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.