Market Analysis: A Major Price Breakout is Looming on the GBPJPY Market
A GBPJPY price breakout is looming on the 24-hour chart. Higher lows and lower highs have aligned to form a symmetrical triangle. The market structure signals the readiness for an impulsive breakout.
GBPJPY Major Levels
Demand Levels: 181.00, 176.00
Supply Levels: 184.00, 186.00
GBPJPY has made a third test on the bullish trend line anchored below the order block in June. Similarly, a resistance trendline has shielded the daily candles from the resistance level of 186.00. This has caused the market to narrow down to a concise region. The price currently lurks below 184.00 and above the support level of 181.0.
The price has paddled back and forth between the opposing key levels as well as the opposite trend lines, causing accumulation on the daily chart. The agitation in the market is preparing the price to explode.
Market Expectation
At this point, the Moving Averages support the Stochastic. Both indicators signal an impending fall in the price. This antagonizes the overall bullish trend on GBPJPY. It is important to exercise patience until the market reveals the next direction with a breakout and retest.
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