GBPJPY is in an uptrend and is in a strong bullish trend, with the formation of higher highs and higher lows. Market is coming to retest the support level priced at 179.50, where we will be looking to go long on the pair and continue buying till the bullish momentum wears out. 

The ascending trendline has broken out for sells but the structure is still bullish. This means, we should not look for any sells right now.

The retracement level is in confluence with the support level at the price of 179.60. This confluence will act as a strong foothold for the bullish pump.

The EMA 50 is still bullish, meaning, its below the price action. The retest could act as our profit target. 

RSI is at 56. It needs to be at the level 50 to be neutralized or fall on to the over sold region. 

Buying GBPJPY with the trend

Jun 20 2023