GBPJPY has had a good share of its bull run and is potentially stalling at the price of 174. The higher high was unable to break. This time, it is forming a double top for the market. Once a bearish confirmation is seen, we will take the position on the market for the bearish side. The support will be our profit target at 172. This does not mean that the trend has changed its course. It simply means, the market is taking its retracement.

The ascending trendline might be used as a profit target and has the potential to breakout sell. But that leaves us with a later analytical view.

There is no retracement on the pair at the moment.

EMA 50 is still bullish as well hovering below the price action. The EMA 50 can also be used as a profit target for the price action tapping down towards the support level.

RSI 14 is at 61. It needs to tap towards the over bought region and form a bearish divergence at that point and align with the bearish price action.

GBPJPY topping out?

Jun 01 2023