GBPJPY is in a big rang bound. The market has formed higher lows but the highs remain at the same price. We are looking to go long at the support level priced at 180.20 and at this level, we will take a strong long postion in anticipation of another higher high with the impulse wave. 

The descending trendline is the retest level till where we can keep our positions long and book profits at the retest.

The retracement level is in confluence with the support level at 61.8% and the upward scale can continue the course.

EMA 50 is bullish right now but as the market heads towards the support side, we can see the EMA 50 resorting to bearish. We need to have another parameter of the bullish sentiment.

RSI is at 57. The neutralize level of 50 will be the confluence point at the support of GBPJPY.

Buy GBPJPY from 180.20

Dec 27 2023

Stop Loss -0.66%

Holding time 5d4hr

180.107

Entry price

178.920

Stop loss price