If you took the bullish positiono n GBPJPY, its another stacking option forming up to take another buy position from the support level at the price of 183.70

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 183.70 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 has broken out for buys and the market has validated the price action. 

The retracement level of 75% 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 53. 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.

Did you get in on GBPJPY?

Sep 13 2023