GBPJPY has interest rate news tomorrow on 23rd September, 2021.

GBPJPY has been in a bearish trend recently. The trend bottomed out after testing the support level, which also confluences with the higher timeframes. As more supports are formed on the higher timeframe, we have more surety for the market to bounce back up from the level.

The descending trendline has been broken out, with validation on candles with opening and closing above the trendline.

As the trendline has broken, we will look for the retracement levels of 75-78.6% to take the buy setup.

Currently, both the EMA's are above the current market prices and has a death cross. The retest of the EMA's will be our profit target for the GBPJPY buys.

Both oscillators are pulling up from the over-sold region. This means, bulls have room towards the neautralized levels of RSI 50 and CCI 0.

GBPJPY is at a decent setup for taking a bullish long position. What we have to do is, wait for the market to retrace at the support level. 

GBPJPY buys from retracement levels

Sep 22 2021

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