GBPJPY Analysis: GBPJPY Maintains Respect for Bearish Trendline Anchored on Previous Year’s Highs
GBPJPY Key Zones
Demand Zones: 158.0, 156.0, 153.0
Supply Zones: 164.0, 168.0, 172.0
The market dived into a demand level of 153.0 in September. The Stochastic and the RSI (Relative Strength Index) indicated the market was oversold. The market corrected immediately as the daily candles pushed above the Moving Averages (periods nine and twenty-one) immediately. The upthrust in September fostered the ascent in the market.
The Bearish trend became obvious with the breakout witnessed on the 20th of December, 2022. The market consolidated in January before rising to the resistance trendline on the daily chart. The ascending parallel channel guided the market to retest the bearish trendline.
Market Expectation
A breakout is looming on the daily chart as the parallel channel lines have crossed the bearish trendline to narrow down to a point. The market direction would be obvious on whichever side the daily candles spilled.
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