GBPJPY shorts from the level of 183.70 towards the support level of 182.30. It should be noted, market is in an uptrend and market has the potential towards the bearish side, as a retracement. We are not looking to short the pair for a longer term on this retracement.

The trendlines we see are the upper and below ones. We can anticipate the ascending trendline for the breakout sell.  Once breakout sell happens, its going to drop towards the support level.

There is no retracement level in this setup.

EMA 50 is still bullish. As the EMA 50 is still below the price action. This could be our profit target for the short sells.

RSI is at 57. It needs to drop down towards the neutralized level and below, in order to fall down towards the over sold region. 

GBPJPY shorts

Jul 04 2023