GBPJPY is on the daily support level at the price of 161.50. At this level, we have three preceeding taps. This level turns out to be a decent level for the long play given the higher time frame structures are still bullish on the pair. That being said, on the H4, we have formed a lower low and lower high and the fact remains, that the market is still in an overall range bound market. 

The descending trendline has broken out for buys. This breakout buy still needs to be validated by the price action as the market has not broken this level out with force. This validation will confirm the fact of the market bullish side. 

On the golden retracement side, there is no such retracement level which we can factor in along with the other technical parameters. 

The EMA 50 is bearish. Once market starts to move up, we will see the tap on the EMA 50 as our potential profit targets. Other than this, if the market breaks out from this EMA 50 level, we will have another confirmation for the bullish side continuing up.

The RSI is at 48. This number is near the neutralized level of the oscillator. Once the market taps above the 50 level, the bullish side will be identified and the market in confluence with other technical factors will be aligned for the bullish momentum.

In its entirety, the GBP is bullish overall across the board. We will see how the market penetrates through the previous lower high in order to form a bullish structure.

GBPJPY daily support

Aug 01 2022

Stop Loss -0.72%

Holding time 8hr

161.125

Entry price

159.966

Stop loss price

1