GBPJPY Is About to Test Its Previous Resistance Zone

GBPJPY Price Analysis – January 7

GBPJPY is about to test the previous year’s quarterly high. The market profile has been trending. A resistance zone was formed in October of the previous year. It was formed at 158.000. The market price dropped with the formation of lower highs and lows. A short-term consolidation was formed between the resistance zone of 154.00 and the 152.50 support zone.

GBPJPY Major Market Zones

Resistance zone: 158.00, 154.50, 151.00
Supply Zones: 156.20, 152.50, 149.50

GBPJPY Long Term Trend: Bullish

The market eventually dipped into the 149.50 support zone at the beginning of the previous month. The middle band of the Bollinger band rested above the candles all through November. Throughout December, the market fluctuated. The bulls propelled the price beyond each resistance zone. The 151.00 and 154.50 zones were breached with the upthrust in price.

The moving average of the Bollinger band on the daily time frame switched positions. Since the 22nd of December, it has rested beneath the bullish trend. The market was faced with very little opposition, with four bearish candles in the uptrend. The bearish candles were relatively smaller than the bullish candles.

GBPJPY Long Term Trend: Bullish

The market has retraced to test the previous support zone at 156.20. The middle band is also enhancing bullishness in the market. The previous zone currently draws the market price. The market is about to test the previous resistance zone at 158.00. The Williams Percent Range is still bullish. This encourages the bulls to attack the zone as soon as possible.

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