GBPJPY has been in a bullish trend, continuing with higher highs and higher lows. The resistance level at the price of 166.5, needs to breakout out from the resistance and then continue moving up after a retest, at which, we will be taking a long position.

The descending trendline is on the verge of being broken out for buys, and once validated with the price action opening and closing above the trendline, we will have confirmations for the bullish move.

There is no current retracement indication on the GBPJPY.

EMA 50 is bearish. There are two conditions in this regard, either the market breaks it and continues moving up or it retests it, moves back down to retest the resistance turn support, and continue moving up. Lets see how the price action plays out.

RSI is at 55 which means market needs to be neautralized at the level of 50, along with other technical factors aligned with it.

GBPJPY bullish setup

Dec 09 2022

Take Profit +1.49%

Holding time 3d3hr

166.365

Entry price

168.845

Take profit price