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 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 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.
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