GBPJPY is in an uptrend with a bullish trend, forming higher highs and higher lows. Apart from that, we are looking to take shorts at the resistance level, to ride the retracement wave. The price for our shorts is 170.75 and the target price is 169. 

The ascending trendline has tapped the third pivot of the trendline. It needs to breakout sell in order to confirm the bearish formation. There is a chance that the market can be retested at the ascending trendline being touched. 

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

EMA 50 is bullish but market is blanketing the price action. The market might breakout down from the EMA 50.

RSI is at 59. The oscillator needs to tap the over bought region, where, a bearish divergence can be formed and the market can move down.

Shorts from retracement level

May 09 2023

Stop Loss -0.68%

Holding time 7d17hr

170.726

Entry price

171.888

Stop loss price