GBPJPY is in a bullish trend with the structure of higher highs and higher lows. With that, we are going to wait for another tap at the support level from where the market can continue its course upwards. Our potential target will be the next resistance which will give us decent pips. 

The descending trendline has broken out for buys and the price action has validated the bullish confirmation. Therefore, its only a matter of tapping the support area from where we can go bullish.

There is no retracement level as per our interest which needs to be tapped.

EMA 50 is already bullish and our price point of buys it the level where EMA 50 can form a confluence of the moving average.

RSI is at 59. It needs to neutralize at the level of 50 where it aligns with the technical factors.

GBPJPY longs from 182.80

Oct 24 2023

Stop Loss -0.43%

Holding time 4hr

182.843

Entry price

182.065

Stop loss price