GBPJPY is in a bullish trend with the formation of higher highs and higher lows. The market is super bullish. We will be looking at the buying position from the support level from the level of 185.40. From this point onwards, we will be looking at the resistance level for the profit taking.

The ascending trendline is going to retest at the support level and from where, market can form a price action and continue moving up.

The retracement level of 61.8% is in confluence with the support level. This level is a strong one to continue moving up.

EMA 50 is also bullish and the market may form a confluence with the formation of trendlines and EMA 50 once the market retests.

RSI is 57. It needs to retest at the 50 level. At this level, market will be in confluence with the technical factors. 

GBPJPY buys from 185.40

Aug 22 2023