GBPJPY Price Continues to Decline Following a Bearish Breakout
Login

GBPJPY Price Continues to Decline Following a Bearish Breakout

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Market Analysis – January 7

GBPJPY experienced a bearish breakout from a descending triangle. The market made an impulsive move to the downside after a series of equal highs and higher lows.

GBPJPY Significant Zones

Demand Level: 156.00, 152.00, 148.50
Supply Level: 164.300, 168.00, 172.00 Gbpjpy Price Continues to Decline Following a Bearish Breakout

GBPJPY Long-term Trend: Bearish

Since June, the GBPJPY market has not shown any clear trend. There has been a lot of contention between the bulls and the bears. The market rallied from 156.00 to the overbought region in June. From the 168.00 resistance level, the market formed lower highs. In September, there was a sweep of equal highs at 168.00 before the market plunged to 148.50. The bulls stormed the market immediately at the 148.50 support level. A large wick formed above the demand level to show the sharp rejection at the demand level.

The market rallied from the oversold level in September. The bearish order block at 164.30 was broken. The buyers pushed further to the 172.00 level. An ascending triangle was formed, which prompted a breakout below 164.30. The Parabolic SAR (Stop and Reverse) shows that the market is currently bearish. The market is currently retracing against the downtrend from an oversold level.

GBPJPY Price Continues to Decline Following a Bearish Breakout

 

GBPJPY Short-term Trend: Bearish

The market appears to be ascending to the previous key level of 164.30. The Stochastic shows that the market is currently overbought. The market might just exploit the short-term high below 164.30 to foster the continuation of the down move to break 156.00.

Do you want to take your trading to the next level? Join the best platform for that here 

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • 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
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News