GBPJPY has been ranging massively on the daily chart. Market has yet to break on either of the sides. On the resistance level, once the market breaks out from the resistance and retests the newly formed support, we will take the long position towards the upper resistance. The range is big enough to garner us massive pips on this setup.

The descending trendline has broken out for buys as well with the massive validation and price action breakout. 

There is no retracement indication in this as the market has been ranging lately.

EMA 50 is still bullish and is flat at the moment. I do not see a confluence forming with the EMA 50 forming a steep up curve which can further retest the price action at the support level.

RSI is at 66. It should neutralize at the 50 level after the breakout from the resistance for the continuation upwards.

Big range on GBPJPY

Oct 31 2023