The bottomed out level on GBPJPY has reached.

GBPJPY has been in an uptrend on a higher timeframe. We were waiting for the market to turn bullish on the H4 timeframe, which apparently, it seems to be moving as per the price action. Once market forms another low, we will be looking to go long for the next bullish impulse.

The descending trendline has been broken out for buys. This validation has been confirmed and now the market needs to make a retracing move in order to make another bullish impulse.

The retracement level of 61.8% is aligned with the support level. This support zone is going to act as a pushing force for the market to push up.

The EMA 50 turned bearish but the EMA breakout is ranged based therefore, not depicting any matter. 

RSI is at 37. 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. Other option is if the market taps the over sold region and forms a bullish divergence. Then, we will take another buy position.

GBPJPY bottomed out

Sep 22 2022