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GBPJPY Analysis – July 29
GBPJPY market trend remains bullish as it retested the 156.30 support. Since March 18th, 2020, the market has been bullish. Between February 22nd, 2021 and March 16th, 2022, the upward trend was halted, and during the break, the market was stuck between two major levels: 149.10 and 156.30.
GBPJPY Major Zones
Demand Zone: 156.30, 149.10
Supply Zone: 175.00, 191.20
GBPJPY Long-term Trend: Bullish
The current market trend caused the previous resistance level at 156.30 to be broken. With highs forming in every overbought region, the market continues to form higher lows. The support at 156.30 has proven to be a very important level, as it resisted being broken for over a year until more bulls stormed the market on March 16, 2021. On March 12, 2022, the market retested the 156.30 support level, indicating that the market remains bullish.
After the support at 156.30 was retested, the next impulsive move got truncated at the previous swing high level. The truncated impulsive move on the daily timeframe led to a double top. Ever since the formation of the double top, the market has been consolidating in an ascending triangle. This indicates a possiblilty in the continuation of the market trend in an upward direction.
GBPJPY Short-term Trend: Bearish
Until the two Moving Averages (MA) crossed to indicate a possibility of a downtrend in the four-hour timeframe, the market had been ranging with no structure.
As the market crashes downward, it is expected to take out the liquidity below the local low on the four-hour timeframe and trend upward till the supply zone at 175.00 is reached.
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