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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 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 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.
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