GBPJPY is at a resistance level of 182.80. This level has been touched 2 times earlier, ultimately weaknening its strength. We anticipate that this resistance is going to break for the continuation upwards. Thats what we will be looking at. Also, we will be looking to go long at the support level 181.70. Trend is bullish and the market is forming higher highs and higher lows.

The ascending trendline has been retested at the support level by being rejected of the price action.

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

EMA 50 has tapped the price action at the support level and the market rejected it already. 

RSI is at 59. It needs to neutralize itself at the 50 level of RSI to align itself with the technical factors of the whole price action.

GBPJPY in a bullish trend

Aug 08 2023