GBPJPY has been in a bullish momentum, which seems unstoppable at any time. That being said, we have a higher high and higher low formation, for a bullish trend. Therefore, we will be looking for a bullish position from the support level, priced at 174.50. This area if tapped, we will need to wait for a bullish price action confirmation e.g. bullish engulfing or pinbars. Basically, we need rejection at this support level.

Both the ascending trendlines might be retested at the support level, forming a rejection confluence. 

We are not entirely sure of our retracement levels being in confluence with the support level.

EMA 50 is still bullish and might be retested at the support level as well. This support level will be acting as a rejection point. 

RSI is at 65. It needs to form a position of neutralization at the 50 level. This level will pave the way for the market to test the support along with the other elements.

Unstoppable GBPJPY to the long side

Jun 13 2023