GBPJPY has stopped out our earlier position and now, after the support is faked out, we are looking to take another bullish position.

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 182.75 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 on the daily level. This confluence will play a pivotal role for the bullish momentum.

EMA 50 has turned bearish. We can take our profits till the retest of the EMA 50.

RSI is at 40. 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 bullish on higher time frames

Sep 11 2023