GBPJPY has been in a strong bullish trend with the formation of higher highs and higher lows. The market has broken out for buys and is retesting at the broken resistance turn support. The price of this support is at 185.30 from where, the market will form another bullish mark up. We will take the buys from another support. 

The ascending trendline has been rejected at the support and the price action has been forming in a bullish way. 

EMA 50 is still bullish but we do not see any upcoming retest of the EMA 50 at the support level. Therefore, as the EMA 50 is still bullish, it will continue moving up.

RSI is at 74. It needs to neutralize at the 50 level of the RSI. Once aligned with the technical factors, we will take the bullish position on this.

GBPJPY buys from 185.30

Aug 16 2023