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Market Analysis – December 29
GBPJPY price declines rapidly as a result of the breakout from the ascending triangle. The market direction has been established by the massive displacement to the downside.
GBPJPY Key Zones
Demand Zones: 158.760, 156.080, 154.000
Supply Zones: 163.290, 168.800, 171.300
GBPJPY Long-Term Trend: Bearish
The market initiated a bullish trend at 156.08. The daily candles pressed on the Bollinger Band to gain support. The MACD also clearly indicated an oversold market. The price took off aggressively. The rejection at the 156.080 level was revealed with multiple wicks showing below the daily candles.
The pump in the market price rose above the Moving Averages within the Bollinger Band. The retracement afterward aided the push to 171.300. Immediately after the supply level was reached, a head-and-shoulders pattern appeared. The test of a bearish order block above the 168.80 key zone led to a purge in the market. There was a price decline to 162.290. The market has had higher lows and equal highs since November. This formed an ascending triangle. The market has confirmed its direction once again with the bearish displacement in price to 158.760.
GBPJPY Short-term Trend: Bearish
A bearish order block was deposited before the massive displacement. The market is expected to retrace to the bearish order block above 163.290 to continue the downward motion. The MACD on the 4-hour chart is also oversold, revealing that the market is ready for a retracement towards 163.290.
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