GBPJPY is in a bullish trend with the formation of higher highs and higher lows. The market has room towards the left to continue moving up. But, it stalled at the resistance level and might make a corrective move before taking off again. The shorts we will take will be below the support level as the break of the support will indicate the break of the strucuture. From there onwards, we willl take a short till the support level of 163.7.

The market is in a wedge with the resistance and support trendlines being formed. We have to wait for the breakout on the downside, inducing the breakout sell. This will further confirm our short positions.

EMA 50 is still bullish and might break out in the bearish direction if the bearish pressure persists. 

RSI is at 57. At this moment, price of RSI is considered invalid as we need to see how it behaves once the market has started to breach.

Looking for a correction on GBPJPY towards 163.80

Apr 18 2023