GBPJPY Market Is Currently Stuck in a Range

GBPJPY Analysis – December 9

GBPJPY market is now locked in a ranging pattern after it failed to get the best of the 168.720 resistance level and it didn’t drop below the demand level at 164.120 either. This wide-ranging movement comes after a great demonstration of strength from the buyers. Everything was done right until the time came to violate the 168.720 level. The price eventually faltered here, and now the GBPJPY is trapped in consolidation.

GBPJPY Significant Zones

Resistance Levels: 172.070 168.720
Support Levels: 164.120, 154.490

GBPJPY Long-Term Trend: Ranging

When the buyers were still in control, they managed to push the market above the 168.720 level. However, their failure to do so allowed the price to fall below the level. The market bounced back immediately to climb above the level, but once again it didn’t hold above it. By now, the sellers were beginning to gain some leverage in the market.
Therefore, the price was pushed below the 168.720 key level for the second time. Now that the sellers have gained traction in the market, they are also exerting pressure. This makes it difficult for the price to easily climb above 168.720 again, but the buyers, however, still hold above the 164.120 support level. This brings the market into a ranging pattern, making the Bollinger Band squeeze down onto the market.

GBPJPY Short-Term Trend: Bearish

The EFI (Elders Force Index) line on the daily chart is seen to have reduced its range of undulation and has moved closer to the equilibrium line. On the 4-hour chart, the Bollinger Bands have streamlined to the candlesticks and are now ranging with the price. The EFI line is undulating around the zero level but is currently above it because the price has just bounced upward in consolidation. The ranging movement is predicted to last a while before the buyer tries to break upward again.

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