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GBPJPY market has been trading between the 160.80 resistance level and the 156.0 support level, since the beginning of 2023. Range traders can take advantage of the back-and-forth paddling between the key zones.
GBPJPY Key Levels
GBPJPY Key LevelsDemand Levels: 156.00, 150.00, 140.00
Supply Levels: 160.80, 164.50, 168.00
GBPJPY Long-term Trend: Bullish
GBPJPY’s ascent was obvious during the first half of 2022. The market eventually consolidated between 168.80 and 160.80 levels from June to October. On the 26th of September, there was a run of stops below the range. The market jacked back up after taking advantage of the liquidity resting below the lows on the daily chart. The market was very erratic during the period as liquidity above the range was also used to engineer shorts in the market.
Just after the market rallied above 168.00, a bearish shift in market structure was noticed. The market experienced a short-term consolidation in November and December. The Moving Averages (periods 30 and 50) crossed in the supply region just before the bearish displacement to 156.00. An unmitigated bearish order block at 164.50 lies above a fair value gap.
GBPJPY Short-term Trend: Ranging
On the four-hour chart, the Moving Averages are neither resting above the highs nor the lows to show the market is in consolidation. At 160.80, the stochastic indicates overbought, and at 156.80, it indicates oversold. The market is currently approaching the lower end of the range at 156.00.
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