GBPJPY was in a bullish trend with the only hurdle being the daily resistance. This resistance has now been breached and the market has the potential to retest this and continue moving up further more. The fact that the pair is bullish has its effect of the yen with the weakening. The trend is now higher high and higher lows, which makes it bullish.

The ascending trendline has been blanketing the price action throughout and has steeped the market upwards. 

There is no retracement indication in this particular setup.

The EMA 50 is yet to be retested at the support level from where it can reject and continue moving up.

RSI is at 75, which is the over bought region. It needs to be neutralized at the level of 50 from where it can continue moving up, aligned with other technical parameters.

GBPJPY just skyrocketed

Feb 21 2023