The support price for GBPJPY is 165.60, from where, we will be able to go long on the pair based on the fact that the trend is still bullish and the structure formation is higher high and higher low. That being said, we will ascertain the trend trade instead of selling at the resistance. Right now, its the game of waiting for the market to move to our buy price.

The ascending trendline might be retested and rejected given that the trend is still bullish. We do not anticipate the bearish breakout sell. If it happens, we will change our bias.

There is no retracement indication on this pair as of now.

The EMA 50 is still bullish and is curved steeply upwards, depicting a strong bullish trend. There might not be another retest.

RSI is at 64. It needs to be neutralized at the level of 50 from where we can go long.

GBPJPY continuing bullish trend

Apr 12 2023