Market Decision Awaits as GBPJPY Embarks on Its Second Consolidation

GBPJPY Price Analysis – December 10

Market decision awaits as GBPJPY embarks on a second consolidation phase. On the 26th of November, the price dropped from a previous consolidation which formed after it landed on a strong support level at 152.330. Bypassing several key levels, it landed at the strong monthly support level of 149.240. A decision now awaits as the market remains stalled at this level. Sellers are very willing to nudge the market lower, but the resistance remains impervious.

GBPJPY Significant Zones

Resistance Levels: 158.060, 156.030
Support Levels: 152.330, 149.240

GBPJPY Long Term Trend: Bullish

From August to October, the price has been ranging between the same strong price levels at 152.330 and 149.240. Thereafter, a market decision was made as bulls pumped the market upwards out of the consolidation. GBPJPY surged straight to the 158.060 level, where it met stiff resistance. The market then went into a mini consolidation that lasted for seven trading days. Subsequently, a decision was made and the price dropped.

An attempt by the buyers to rally back amounted to just a retest below 156.030 before a fall back to 152.330. A sideways movement ensued as the market awaits a decision. The decision was another direct drop, now to 149.240. The market still awaits another decision as the price falls into another consolidation. The Stochastic Oscillator is indicating a price pump, having been in an oversold state for a while. But GBPJPY is battling to first overcome resistance from the MA period 10 (Moving Average).

GBPJPY Short Term Trend: Bullish

The 4-hour chart is in concordance with the daily chart. The market awaits a major influence. Though the MA period 10 is posing resistance to the market currently, bulls have the upper hand, though, as they leverage the strong support at 149.240. The Stochastic Oscillator lines are also rising and have risen to midlevel.

The bulls are expected to dash through all key levels to reach 152.330.

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