GBPJPY Market Is Set Into Consolidation as neither Buyers nor Sellers Dominate

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


GBPJPY Analysis – December 2

GBPJPY market is being forced into a consolidation phase as neither buyers nor sellers currently have the upper hand. The market has been in a ranging phase since the beginning of the second quarter of the year. Although the market’s range was much wider at the time, with 168.720 as resistance and 159.490 as support, due to the strong showing by the bulls in recent times, the consolidation support has risen to 164.120.

GBPJPY Significant Zones

Resistance Levels: 172.070 168.720
Support Levels: 164.120, 154.490

GBPJPY Market Is Set Into Consolidation as neither Buyers nor Sellers

GBPJPY Long-Term Trend: Ranging

The price burst above the 159.490 key level precisely on the 22nd of March, and since then, the price has been trying to also break above the next resistance level at 168.720. This was the new saga that dragged all through the year until October. The market weakened a couple of times and dropped below the 159.490 support, but it always bounced back and got stronger.

When the currency pair fell below the 159.490 support level in late September or early October, the market rallied strongly, even breaking through the 168.720 resistance level. However, that position will not last long as the GBPJPY weakens and drops below it. Nevertheless, the price is holding above higher support at 164.120. As the market remains trapped above 164.120, the Bollinger Bands have begun to encircle it.

GBPJPY Market Is Set Into Consolidation as neither Buyers nor Sellers

GBPJPY Short-Term Trend: Bullish

The Stochastic Oscillator lines on the daily chart also indicate consolidation as it doesn’t rise or drop below the oversold or overbought borders. This is the same on the 4-hour chart, with more pressure on the oversold border. The display of the Bollinger Band on the short time frame is also showing consolidation as it is mostly below the 168.720 resistance and above the 164.120 support. Market consolidation will continue for a while, with buyers most likely to break the trend.

You can purchase Lucky Block here. Buy LBLOCK

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
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • 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
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.