GBPJPY Is Retracing Towards a Major Zone
Login

GBPJPY Is Retracing Towards a Major Zone

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

GBPJPY Analysis: Market Is Retracing Towards Major Zone at 154.810

GBPJPY is retracing towards the 154.810 major zone. The market created a wave pattern during its downward move towards the 149.110 zone. The move was initiated from mid-October to early December of the previous year. The market reversed at the 157.710 zone on the 21st of October 2021 when the bulls got exhausted. A slower bear move was noticed between the 157.710 major zone and the major 154.810 zone. The downtrend accelerated as the 154.810 zone was passed through. The bears entered an accumulation phase upon reaching the 152.510 zone. The market ranged for November between the zone.


GBPJPY Major Zones

Resistance Zones: 157.710, 154.810
Support Zones: 149.110, 152.510

GBPJPY Is Retracing Towards a Major Zone. GBPJPY Long Term Trend: Bullish

The bears regained strength while there was consolidation in the market between the 154.810 zones and the 152.510 zones. The major zone at 152.510 was tested twice before it gave way the third time. The zone was already weak to prevent lower pricing as the bears were determined to reach for the 149.110 zone. The acceleration of the bearish move increased as the 152.510 major zones were violated.

GBPJPY Is Retracing Towards a Major Zone. GBPJPY Short Term Trend: Bearish

The market reversed at 149.110. The bulls utilized the major zone to go long into 157.710. The bullish run was faced with very little resistance. The 24th and 28th of December were days of little resistance. This is seen with small bearish candles on the daily time frame. The same was also true for the 4th of January. A double top was formed beneath the 157.710. This led to a fall in the market price. The moving average period 200 was seen to halt the down move on the 24th of January, just before the 152.510 zone was reached. The lower Bollinger bands on the daily also supported the price.

The market is currently trending upward on the four-hour timeframe. The candle snapped into the upper bands of the Bollinger and was resisted. This was followed by a slight fall. GBPJPY is retracing towards the 114.810 major zone. A bearish candle before the three rising soldiers who pierced the Bollinger bands is likely to prevent lower pricing. The bulls are still willing to drive the market towards the 157.710 major zone.

You can purchase crypto coins here: Buy coins

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News