GBPJPY is in a range on the higher timeframes without being broken out on either of the sides. Given, we are still ranging on the pair, we will be taking a short position from the resistance which overlaps of different timeframes. The price for the shorts is 161.50. Overall, the trend seems bearish.

The trendline for the breakout sells is being retested at the resistance level. The resistance trendline needs to tap at the price action the resistance level and reject in order to confluence with the technical parameters.

There is no retracement indication on the pair.

EMA 50 is bullish and can be triggered as a profit target on the pair.

RSI is at 59. It will be in the over bought region after crossing the 75 level. From there, we can see the bearish formation of the divergence.

Still short on the pair

Feb 16 2023