GBPJPY is in a strong bullish strength, testing all its resistance boundaries and breaking them effortlessly. On the higher time frames, we don't seem to find a solid swing setup. Therefore, we resorted to a H1 time frame for the purpose of taking intraday setup for longs on GBPJPY.

The price is at 166.90 at the support level. This support level also seems to be a demand level where major liquidity is held. We anticipate a 50-100 pip upward move from this support level. Although, the price action isn't that strong supporting the bullish thrust. But being in a bull market, we do seem appropriate to take this.

The descending trendline is little above the current price action. This means, its on the verge of being broken out for buys. Once this happens, we hava a clear left hand side to continue moving up.

We do have a retracement level of the golden area at 75-78.6%, which is the hunt level. Thats why, ideal buys would have been at the retracement level. But now, as the market has moved up already, its still fine to hop on to the buys from the support level.

EMA 50 is retesting the price action at the support level. This pertains to another technical factor confluence at the support area. This provides for a high probability bull setup on GBPJPY.

Both the oscillators are in the bearish region, RSI at 47 and CCI at -10. This means, we still have window above the neutralized levels to continue upwards towards the over bought region. Till there, the long position seems to be the only option.

GBPJPY intraday buys

Apr 20 2022

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