GBPJPY Forms a Double-Bottom Bullish Reversal Pattern

Market Analysis – January 27

GBPJPY is currently showing bullish reversal signs in the market. The market has formed a double-bottom bullish reversal pattern on the daily chart.

GBPJPY Significant Zones

Resistance Levels: 1.00600, 1.01520, 1.02500
Support Levels: 0.98210, 0.96470, 0.94300

GBPJPY Long-term Trend: Bullish

The GBP/JPY market appears to move in a single direction for only a short period. The price action reveals a lot of contention between the bulls and the bears in the market. The market was primarily in consolidation the previous year. The months of January through September formed a range between the 168.00 resistance level and the 160.80 support level. Within the range were short-term trends, which would have been helpful for intraday traders and scalpers.

The market is currently forming a large, symmetrical triangle. Lower highs and higher lows characterize this. The market has created a double-bottom bullish reversal pattern, touching the 156.9 support level.

GBPJPY Short-Term trend: Bullish

The Stochastic string is currently swerving into the overbought level as the candles reach the upper band of the Bollinger. A retracement is therefore expected before an expansion to 168.00.

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