GBPJPY Is Retracing Towards a Major Zone

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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 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 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.

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