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GBPJPY Analysis – December 16
GBPJPY gyrates within key resistance and support levels. Since November, the price has bounced back and forth between 169.10 and 164.40.
GBPJPY Significant Levels
Demand Levels: 164.40, 159.90, 154.70
Supply Levels:169.10, 171.20, 175.00
GBPJPY Long-Term Trend: Ranging
There was a steady decline in price during mid-September. The price fell to 154.70. Multiple rejection candles appeared at the demand level. There was an efficient buy-side delivery to mitigate the sell-side that dipped into the support level at 154.40. The Parabolic SAR (Stop and Reverse) appeared at the support level to signify the start of a new bullish trend. The RSI (Relative Strength Index) also indicated that the sellers were already exhausted.
The market rallied steadily from the 154.70 demand level. The lows that formed were used to shoot the price higher. The support level at 158.90 was used to go long in October.
The market reached the 171.20 supply level during early November. A head and shoulders bearish reversal pattern formed at the key level. There was a price decline in the market. The daily candles swerved toward consolidating regions. The market is currently trapped between 169.90 and 164.40.
GBPJPY Short-term trend: Ranging
The market is expected to magnetise to the confluence area in the 4-hour chart. The cross of a significant bearish trend line and a bullish trend line is expected to create buying opportunities. The market is expected to take off at 161.10 from the confluence area.
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