GBPJPY Is Set to Break Out of an Ascending Triangle Pattern

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GBPJPY Price Analysis – February 18

GBPJPY is set for a breakout of its ascending triangle structure, as seen on the daily timeframe. The market formed a descending triangle into the previously demanded zone at 149.160. The bears attempted multiple times to pass through the demand zone at 149.160 but failed. The price tested the demand zone all through April and into October. The market eventually experienced a reversal on the 1st of October. The buying pressure of the bulls reached 157.960 before they got exhausted and dropped back to 149.160.

GBPJPY Major Market Zones

Supply Zones: 157.960, 151.660
Demand Zones: 149.160, 153.660

GBPJPY Long Term Trend: Bullish

The market has been ascending since the coin tested the heavily demanded zone at 149.160 on the 3rd of December. The bulls initially experienced a failed rally. They faced resistance at 151.660. On their second attempt, they violated the resistance zone. The market skyrocketed straight up. It almost smashed the resistance zone at 157.960.

At the rally’s peak from the 149.160 demand zone, the Moving Average Convergence and Divergence indicator alongside the Stochastic indicated an oversold condition. The market was set to dip. The price eventually dropped after a break in the structure. GBPJPY formed a new demand zone at 153.660 on the 24th of January. The market rallied back up into the resistance zone at 157.960. Simultaneously, the ascending triangle appeared on the daily chart. GBPJPY is currently set to break out of the ascending triangle.

GBPJPY Short Term Trend: Bullish

On the four-hour chart, the market formed a double top below the resistance zone at 157.960. The candles on the ascending triangle are currently around the termination point and are set to give way anytime soon. A volatile bearish run towards the previous zone is anticipated. The market is set for an ascending triangle breakout towards the last demand zone at 153.660.

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