GBPJPY is doing a textbook move of breakout and retest. The resistance before has now turned support at the price of 166.20. At this support we will look for a price action for a bullish candle in order for us to go long. The market is forming higher highs and higher lows which means that the trend is bullish.

The ascending trendline is going to be tapped at the support level, where we can see the rejection of the pinbar. 

There is no retracemend indication on the setup as of now.

The EMA 50 is still bullish and the market may tap the support level in confluence with other parameters for the market to continue moving up.

RSI is at 65. This needs to be neutralized at the level of 50 region. If this happens at the 50 level, and the market is at the support level, we will take the buy position. 

Long GBPJPY R:R 1:37

Sep 12 2022