As the market is hovering up and above, our premium buy positions roll around the area of support priced at 182.70.

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 182.70 level from where, we will be forming another tripple bottom and another higher low. The trend is still bullish of the higher timeframe and the market has the potential to continue moving up.

The descending trendline is on the verge of being broken out from the trendline. 

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 49. 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.

Dear GBPJPY, show us some love

Sep 19 2023