GBPJPY Has Retraced Into Premium

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GBPJPY Price Analysis – January 28

GBPJPY has retraced into a premium on the macro view. The month of October ended the short-term swings on the daily chart. The market has created strong directional moves afterward. The beginning of the last quarter of the previous year triggered a rise in the market. Just before the end of November, the market reversed at the 157.700 zone. The price dropped from the zone to 152.500.

GBPJPY Major Market Zones

Supply Zones:154.800, 157.700
Demand Zones: 152.500, 153.500

GBPJPY long term trend: Bearish

The bulk of November was ranging. The bears eventually violated the demand zone at 152.500. The market was seen to retrace to 154.800. The market moved from 154.800 down into the 149.100 zone. This drop into the demand zone was fulfilled on November 3rd, 2021. That would be the fourth time the zone would be tested. The bulls were once again successful in defending the zone. This allowed the bulls to go long in the market.

The price rose sharply into the 152.500 zone. It was faced with a sharp rejection towards the 149.100 on the 16th of December 2021. It attempted a second time and violated every zone till it reached the previous resistance zone at 157.700. The bullish move was accomplished on the 5th of January. The upward swing was only met with a little resistance. The market dropped upon reaching the zone. It retraced into the zone, but the bulls were exhausted. The bears stepped in and the price dropped below the 50% retracement level. The market has been seen to retrace into a premium above the 50% level.

GBPJPY Short Term Trend: Bullish

The four-hour chart is currently bullish. GBPJPY has retraced to a premium in the market. This would give better opportunities to go short. The four-hour chart has formed an ascending channel. The stochastic shows the market is oversold on the four-hour chart. The market is therefore likely to resume its downtrend towards the 152.500 zone. The market is currently at 154.500. The zone is expected to act as resistance for the short-term uptrend.

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