GBPJPY has reached our entry point for long positions.

GBPJPY took a massive downward hit after the tax cut rate news broke. After the dump, we are anticipating the market to rebound towards the level previously it fell from. Market is forming higher highs and higher lows and is expected to break the resistance level and continue correcting the down move.

The descending trendline is broken out for buys. Therefore, we have an added confirmation for the bullish momentum.

There is no retracement indication currently on this setup.

EMA 50 is still bearish and has the potential to retest the area at the take profit level. We can hold our position till the EMA 50 retest level.

RSI is at 44 which is the bearish region. Once market enters the bullish region after breaking the neutralized levels, we will have an additional confluence with the market.

Reached our entry point

Sep 28 2022

Stop Loss -1.29%

Holding time 1hr

154.766

Entry price

152.767

Stop loss price