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GBPJPY Price Analysis – December 31
GBPJPY is soaring high to end the last quarter of the trading year. The market was faced with a downward trend after the bulls got exhausted at the end of May. The MACD indicator confirmed the bearish run shortly after, on the 3rd of June. The market sank below the 152.450 zone into the 149.350 zone. This led to consolidation, which was prominent in the market between early July and early October.
GBPJPY Market Zones
Resistance Zones: 158.050, 155.850
Supply Zones: 152.450, 149.350
GBPJPY Long Term Trend: Bullish
The bulls regained strength by utilizing the demand zone, which had been tested multiple times. The bulls were prominent in defending the demand zone. The first bullish run in the second half of the year took off with the opening of the month of October. The bulls faced almost no resistance, rising to the yearly high of 158.050. The bullish run broke the consolidation and even violated the previous resistance zone.
A shift in the market occurred as the bulls got exhausted. The price dropped, facing much opposition from the bulls. The bears successfully drove the market beyond multiple zones. The month of December is very favorable for the strengthening of the Great Britain Pound, hence the bullish run is seen to kick off in the first week of the month.
GBPJPY Short Term Trend: Bullish
The moving average is seen to act as support on the four-hour chart. A steady bullish run is prominent in the market. The next supply zone above the current market price is about to be swept. The Relative Strength Index is signaling that the market is overbought. This may cause the bears to utilize the 155.850 level to sink the price to 152.450. The bullish run, however, may push through the resistance to 158.050.
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