GBPJPY has broken out from support and now is testing the support turn resistance. From here, market needs to form a bearish price action for the continuation towards the bearish side. The next target we are looking at is at 183.50. The market has reversed from the price of 185 of the resistance. The trend is now bearish as the structure formed is lower lows and lower low. We will wait for another retest at the resistance in order to flow the market towards the bearish side.

The ascending trendline has broken out from the price action and the market has now formed a bearish structure which needs to continue moving downwards.

There is no retracement level on this pair in this setup.

EMA 50 is still bearish and probably might retest the resistance in confluence.

RSI is at 42. It needs to rationalize itself at the neutralized level of 50 in order to continue selling off.

GBPJPY shorts from retest at 185

Aug 29 2023