GBPJPY is in a strong bullish trend with the formation of higher highs and higher lows. With that, we are looking for a continuation upwards for another bullish impulse. The support level is at 184.10 where if a bullish price action is formed, we will take the setup for the impulse scale up.

The ascending trendline might be retested at the support level which would form a confluence towards the upper side.

The 50% retracement is also in confluence with the support level, ultimately giving it a solid push upwards.

EMA 50 is still bullish and I expect another confluence to be formed at the support level for the bull move.

RSI is at 50. It might hope down to gather the support level liquidity which would drop it below 50. After that, it would jump right back up and align with the technical factors.

GBPJPY buys from 184.10

Jan 12 2024

Stop Loss -0.48%

Holding time 0hr

184.089

Entry price

183.207

Stop loss price