GBPJPY is tapping the resistance level at the price of 188. This level is a strong foothold for the resistance level from where the market can drop down towards the support level which will be our profit target. It should be noted that the trend is still bullish and we are merely taking the counter trade for the purpose of retracement. 

The ascending trendline is broken out for sells and the market has validated the price action for the confirmation. On the other hand, we have a descending trendline pivoting through the price action as the rejection of the price action.

There is no retracement level on this setup.

EMA 50 is still bullish and the retest tap at the EMA 50 will act as a profit target taking if one wants to.

RSI is at 53. It needs to hop towards the over bought region from where we can ascertain the bearish divergence along with the confluence of the technical factors.

GBPJPY at the resistance level for sells

Nov 28 2023

Stop Loss -0.28%

Holding time 1d9hr

188.057

Entry price

188.582

Stop loss price