GBPJPY cannot be identified as a bearish trend at the moment. The reason being is, all the time frames are currently support the bullish trend on the higher time frames. Only h4 is taking a retracement, which will fuel the buy volume and pressure to build another impulse entry towards the upper side. GBPJPY is forming higher highs and higher lowers. The current lower low might be rejected to maintain another higher high. The price we are looking to go long at is 180.30. 

The descending trendline is in anticipation of the breakout buy, but the price action is currently below the trendline. Therefore, we have to wait for it for the confirmation of the breakout buy.

EMA 50 is bearish and the market may retest it back and infact, break it towards the upper side. But we can also take it as our profit target. 

The retracement level is in in between the support and resistance and we identify the the retracement of 75% being wicked at the support level, where our buy positions are held.

RSI is at 47. It will confluence with our setup once it falls towards the over sold region and forms a bullish divergence along with the technical parameters support the bullish impulse.

Another long position after taking a hit on GBPJPY

Jul 13 2023