GBPJPY has been in a bullish market since few weeks and right now, its just consolidating on the higher time frames. That being said, we will be looking at the support level at the 184.25 level from where, we will be forming another double bottom and another higher low. The trend is still bullish and the market has the potential to continue moving up.

The descending trendline is on the verge of being either retested or breaking out. The breakout of the trendline will confirm us with the bullish momentum.

The retracement level of 61.8% is in confluence with the support level. This confluence will play a pivotal role for the bullish momentum.

EMA 50 is still bullish and the curve of the EMA 50 is still bullish and we should look for the upper side.

RSI is at 54. It needs to either neutralize at the 50 level or fall at the over sold region below 25, where it can serve as a bullish divergence and then align with the confluence of technical factors.

GBPJPY buys from the support level at 184.25

Sep 05 2023

Stop Loss -0.38%

Holding time 21hr

184.265

Entry price

183.572

Stop loss price