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 181.30 and hen continue its course towards the resistance level priced at 181.30. 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.

There is no retracement on this as the prices are ranging at the moment.

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. We can also use this retest at a profit target.

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 longs from 181.30

Oct 20 2023