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 185.25 where if a bullish price action is formed, we will take the setup for the impulse scale up. We missed the bull run earlier on this pair as market did not fill up our price.

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 77. It needs to be neutralized at the 50 level in order to align with the technical analysis of the pair.

Missing the GBPJPY move

Jan 17 2024