GBPJPY is at the double bottom at the support level. This area has been tested previously as well and the market is currently in a downtrend with the structure of lower lows and lower highs. With this area in light, we should be aware that the market can take a bounce up and continue moving up towards 182.75, which is approximately 200 pips.

The descending trendline can be either retested or broken out for buys once its pierced. We can book profits at the retest of the trendline.

There is no retracement on this pair at this momeny.

EMA 50 is bearish and the retest of this EMA can resort to the profit booking.

RSI is at 35, which is 10 points above the over sold region. Once the market taps the over sold region, it can can align with the technical factors and continue moving up.

GBPJPY buys from the support level at 181.25

Sep 26 2023