GBPJPY is in a bullish trend. It needs to tap the support level where it will form a double bottom at the price of 180.60 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. Basically, the market is ranging in a thorough wide market.

The ascending trendline has been formed for the market to breakout for sells, which is yet to happen.

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

EMA 50 is still bullish and the market may break it downwards once the market starts to pounce.

RSI is at 63. It needs to dwell into the bearish region where a bullish divergence can be formed along with the technical factors.

GBPJPY buys from 180.60

Dec 19 2023