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 181.50, where we will be looking to go long on the pair and continue buying till the bullish momentum wears out.

The ascending trendline is being retested at the support level. The rejection will confirm the bullish move. 

The retracement level is in confluence with the support level at the price of 181.50. 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 57. It needs to be neutralized at the 50 level in order to align with the technical factors.

GBPJPY testing the support

Jun 26 2023