Earlier, we had taken buys on the GBPJPY, which resulte in the longs being profitable. The market has started to move up. Now, we wait for a retracement at the support level, from where we can take another long setup. The trend has formed bullish with the higher highs and higher lows in formation. The price of our buys is round about is 163.60.

GBPJPY is a descending channel. This indicates that the market can retrace towards the support level after testing the upper trendline. That being said, we can also await for the market to test the lower trendline.

The retracement level of 61.8% is in confluence with the support level. This level will turn out to be a strong push move for the market.

EMA 50 is still bullish and we do not see the retest happening anytime soon on this.

RSI is at 52. It needs to be neutralized at the level of 50, aligned with the technical factors on the chart from where, we can take the long positions once again.

Another long position

Mar 01 2023