GBPJPY is in a solid uptrend with the bullish pressure of higher highs and higher lows. That being said, the pair has already over exhausted with the bullish pressure and is going to head even further after the retracement. We will not be looking to take the counter trend trade of the reversal as there is bullish momentum pertaining to the pair. That being said, we will wait for the pair to retrace and buy at the support level of 168. 

The ascending trendline might confluence with the price action at the support level and may reject. We will look at this after market hits the support level.

The retracement area is in confluence with the support levle at the price of 168, which gives us a good opportunity to go long.

EMA 50 is super bullish as well and might retest the price action at the support, adding to the already garnered confluence.

RSI is at 76. This is the over exhausted region where the market needs to tap down towards the neutralized level or the over sold region.

GBPJPY wants to fly high

May 01 2023

Take Profit +2.18%

Holding time 6d2hr

167.957

Entry price

171.622

Take profit price