GBPJPY is in an uptrend and is in a strong bullish trend, with the formation of higher highs and higher lows. Market is in a strong bullish cycle and trend. Currently, residing at 183.50, if this resistance is breached and formed for another support, we will take a position on the retest of this support, with a formation of a bullish engulfing candle.

The ascending trendline was broken out for sells earlier but the trend was unable to break the support level.

There is no retracement element on this setup as this is a typical breakout and retest setup and structure.

The EMA 60 is still bullish, meaning, its below the price action. We do not see a retest of the EMA 50 at any point soon as the curve is strongly upwards slanting.

Waiting for the bullish breakout and retest

Jun 30 2023