GBPJPY is heading towards the bullish resistance level, given support level of 166. This level is the previous resistance broken to turn support. The trend on the pair is still bullish and can continue moving further up. This support aligns with the previous low as the market is forming higher highs and higher lows.

The descending trendline is acutely above the trendline and has the potential to breakout from the trendline for buys. Once broken out, the confirmation for the buys will be confirmed.

The retracement area of 50% aligns with the support level. This level is to be retained as the potential mark up on the pair.

EMA 50 has turned bullish and has already retested the market at the support level, forming a confluence.

RSI is at 54. It needs to dwell towards the neautralized level or over sold region where bullish divergence can be formed and the market can have a massive launch up with the acute divergence formation.

GBPJPY priming for a push up

Oct 25 2022

Stop Loss -0.84%

Holding time 10hr

168.066

Entry price

166.655

Stop loss price