GBPJPY is bullish and is continuing its bullish trend upwards. The market has formed higher highs and higher lows, which means, we have another impulse move towards the upside. We will take the long position till the resistance level which is priced at 172.20.

The descending trendline has broken out for buys on h1. This is a valid confirmation for the impulse bullish move.

There is no solid retracement setup on the pair at the moment.

EMA 50 is still bullish and the market has the potential to tap the support level once again, where it can retest the EMA 50 and confluence with the support level. 

RSI is still at 57. It needs to neutralize at the 50 level in order for the market to align with the technicals on the chart.

GBPJPY buys from 171.40

May 22 2023