The price line on GBPJPY had been trending bullish, reacting to a dynamic support line, until December 13th when the price line broke below the mentioned trend line. This trend line is reflected as a red ascending line on the chart. The price line is now having a retest of this trend line. A static demand and a static supply zone have been formed, below and above the current position of the price line. It I expected for the price line to touch the supply zone, indicated a red area; from there a bearish trend could be expected, heading to the demand zone, reflected as the green area.

• There is a resistance level at 168.380 followed by resistance at 169.000 and 169.500.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.