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. Our area for buy is after the breakout of resistance and then the retest at the price of 182.

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.

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

RSI is at 58, which is above the 50 level of neutralization. This needs to be respected in order for the market to continue moving up.

Breakout and retest at 182 on GBPJPY

Sep 28 2023