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. Now, it is retesting at the support level priced at 161.30, from where, we will buy it.

The ascending trendline has been blanketing the price action throughout and has steeped the market upwards. There is a chance for a rejection of this trendline.

The retracement level of 61.8% is in confluence with the support level. 

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

RSI is at 52, 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 reached out long setup

Feb 23 2023

Stop Loss -0.45%

Holding time 8hr

161.941

Entry price

161.212

Stop loss price