GBPJPY has been ranging on H4, in a bullish trend. This means, once the market breaks the resistance level, it has the cover on the longer side. The area we are looking to buy is at 182.50, which is the support region. Once market taps this region, we will take a long position.

In a ranging market, we cannot really use trendline or retracement, such is the case on this setup. 

EMA 50 is bullish and the retest on the support level to form a confluence seems unlikely as the strong bullish pressure has diverged the gap between the support and the EMA 50.

RSI is at 60. It needs to be at the neutralized level of 50 in order to align itself with the confluence of the bullish side.

GBPJPY ranging in buys

Aug 01 2023

Stop Loss -0.36%

Holding time 10hr

182.604

Entry price

181.942

Stop loss price