H4 has been structuring a bullish move. It broke the H4 resistance and is now testing the zone.

We still have a descending trendline which needs to be tested right now.

EMA 50 was broken and is also testing at the support. This gives us two confirmations to go long for intraday setup. Whereas, we can target the EMA 200 as the potential profit target, as its currently above the current price.

RSI and CCI indicate the levels for buy which are above 50 and -3. The area CCI is in also denotes neutrality. But given other parameters, we can plan a long position.

Currently, there are no retracement levels on the pair. This setup is based of support resistance break and retest strategy in a given bullish trend.

- Market structure: Market has breached 2 major resistances on H1. Right now, support has been verified at 152.45. This also confluences with the H4 support making it a solid level. Bounce from this level, may see a continuation towards 153.50.

- Trendline: We have broken the descending trendline earlier. Market has validated the break by opening and closing above the trendline.

- Retracement: The test was done at the 61.8-75% levels, again, with confluence of support. This gives us an added confirmation to go long from here.

- EMA'S: EMA 50 is being tested after the break, at this current support. Whereas, EMA 200 was previously broken towards the upside and then again to the downside. EMA 200 is not giving any clear direction. Also, on Monday’s, markets are sometimes choppy or range bound. So our EMA 200 is showing neutrality.

- RSI/CCI: RSI pushed down from the over-bought levels and is not at 52. The level above 50 gives us confirmation for buys. There was no bearish divergence earlier, hence a clear direction of RSI moving back to the higher bracket of 75-90

Meanwhile, CCI is above 0, at 61. We have a range to go long till 150 on CCI.

In this setup, we have 3 confirmations to go long at the current support level.

GBPJPY intraday buys

Jul 12 2021