GBPJPY apparently seems bullish and what we are targeting is the bullish move on GBPJPY. Once GBPJPY starts to move up, we will take a buy from the retracement level at the price of 181.35. The market has formed the higher highs and higher lows which means the trend is bullish and is continuation upwards. 

The trendline has retested the market at the support level and the market has rejected the prices at the support. 

The retracement level is in confluence with the support level at 61.8%. 

EMA 50 is already bullish and the market was blanketed by the EMA 50 with the price action. This means, the market is continuing upwards as the EMA 50 is bullish as well.

RSI is at 55. It needs to neutralize at the 50 level to confluence with the support level.

Difficult range to trade GBPJPY

Jul 25 2023

Stop Loss -0.24%

Holding time 19hr

181.331

Entry price

180.889

Stop loss price