We missed the earlier GBPJPY bullish setup. 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 187.50 where if a bullish price action is formed, we will take the setup for the impulse scale up. Once the market taps the support level again, we will go long on the position.

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

There is no retracement on this pair as the bullish impulse is still impending.

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

RSI is at 56.  It needs to be neutralized at the 50 level in order to align with the technical analysis of the pair.

Ranging GBPJPY

Jan 26 2024

Stop Loss -0.38%

Holding time 16hr

187.579

Entry price

186.860

Stop loss price