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Market Analysis – April 6
GBPJPY plummets as buyers exit the market at the previous 60-day high. However, price still looks bullish since the diagonal support is not yet broken. The decline might be prolonged until the diagonal support is hit.
GBPJPY Significant Zones
Demand Zones: 156.720, 148.630
Supply Zones: 163.030, 172.130
GBPJPY Long-term Trend: Bullish
Currently, prices range between the 158.253 and the 166.410 price levels. On September 13, 2022, the price crashed deeply from 167.900 into an oversold state according to the Stochastic Oscillator. From the oversold state, the buyers raged the market with buy orders as they drove the price upward. In five impulsive moves, the GBPJPY rallied into the 172.130 supply zone. The impulsive waves ended on October 28, 2022, as prices entered an overbought state. The impressive move covering over 2300 pips in less than 60 days reveals the presence of buyers in the market.
A retracement was made in fractals as price returned from the supply zone of 172.130. According to the Moving Average, the price flipped bearish after the formation of the double top at 169.000. More buyers exited the market as the price plunged violently, breaking the neckline of the double top in the process. GBPJPY crashed into an oversold state as it failed to break the support at the 156.720 price level. Following the second bounce of the rising trendline, a change of character occurred to the upside.
GBPJPY Short-term Trend: Bullish
GBPJPY is anticipated to invalidate the previous low on the four-hour chart. Due to the overwhelming sell orders at the 106.000 previous level, the price might keep plummeting until the discount is reached.
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