GBPJPY is in a bullish trend. It needs to tap the support level where it will form a double bottom at the price of 180.86 from where the market can continue moving up. The trend seems bearish at the moment but the correction or retracement can push the market up towards the 184 level, which is the profit target. 

The descending trendline is still due to be broken out for buys. Market may retest or break the trendline. 

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

EMA 50 is still bearish and the market may test the EMA 50 at the resistance level for the profit target booking.

RSI is at 33. It needs to dwell into the bearish region where a bullish divergence can be formed along with the technical factors.

GBPJPY buys from 180.86

Dec 13 2023

Stop Loss -0.52%

Holding time 2hr

180.543

Entry price

179.601

Stop loss price