GBPJPY has been in a bullish trend with the structure of higher highs and higher lows. The trend is bullish and the market is going to continue once the market taps the support level at the price of 181.20 and hen continue its course towards the resistance level priced at 183.60. We will be looking to go long.

The descending trendline is not pierced yet but is on the verge of being broken out for buys. 

The retracement level of 61.8% is in confluence with the support level.  

EMA 50 is still bearish and the market needs to pierce this in order to continue moving upwards. After breakout and retest, we can continue moving up.

RSI is at 43. It needs to tap towards the over sold region from where the divergence can be formed and market continue its course with the alignment of technical factor.

GBPJPY buys from 181.20

Oct 17 2023