The market cycle on GBPJPY is bullish and is forming higher highs and higher lows. The uptrend has been formed on all higher time frames. What we need to evaluate now is a strong support/demand zone, from where there is a potential for the market to move up. The price of the support is 154.50. Right now, the market is standing and testing the 4th time at the support level of 154.50. 

The descending trendline has been broken out for buys and has been validated by the price action. This price action continued moving up after the breakout buy. On lower time frames, if another trendline breakout buy takes place, we will be going long once again. 

The golden retracement level completely aligns with the support level and needs a further confirmation once the market reaches and taps the support. This retracement is of 15 minute time frame, which is relatively of lower strength. 

EMA 50 has broken out for buys and is being retested at the support level. This gives us an additional confirmation for the long position. Apart form this, we also see EMA 200 still being bearish and the death cross is bearish as well. We anticipate the EMA 200 breakout buy. 

Both the oscillators are merely above the neturalized levels. RSI stands at 53 and CCI at 30. This indicates the fact of the market being neutralized on support levels. At this support, we can wait for the oscillators to turn bullih or we can wait for the lower support and oscillators forming a bullish divergence, on either of them.

GBPJPY is at a good level for buys. We need to wait for price rejection at the current support or for the market to tap down to the lower support.  Either ways, we analyze GBPJPY in a bullish momentum.

Longs for GBPJPY

Mar 03 2022

Stop Loss -0.40%

Holding time 3hr

154.641

Entry price

154.021

Stop loss price

1