GBPJPY has already formed the double bottom and the market has started its bullish trend with the formation of higher highs and higher lows. This means, market can further create another impulse wave towards the bullish side. We will book profits at the price of 184.

The descending trendline is retesting the price action. Even if it breaksout from the trendline, I will still wait for the retest at the support level.

There is no retracement level in this setup.

EMA 50 is bullish with the EMA broken out for buys. Once the market retests at the support level with major confluence along with EMA 50, we will take the long position.

RSI is at 65. It needs to neutralize itself at the 50 level mark and confluence with other technical factors.

GBPJPY retest buys from 180.40

Jan 03 2024

Take Profit +2.00%

Holding time 1hr

180.425

Entry price

184.039

Take profit price