GBPJPY has created its years old high and themarket has tapped the 191 level from where the bearish price action can be formed and the market can continue moving down. The market has formed the lower lows and lower highs which mean that the market can fall further down. The 191 price is the area where the BOJ can intervene in its prices. Our earlier position is still running and we are going to stack further at the retest of 190.50

The ascending trendline is on the verge of breaking out from the trendline and inducing the sells.

The retracement level is at 61.8% which is in confluence with the resistance level.

The EMA 50 is still bullish and the market can touch this EMA 50 as a retest and we can book the profits here.

RSI is at 37. It needs to dwell towards the neutralized level of 50 in order to align with the technical parameters.

Lets stack GBPJPY at 190.50

Feb 29 2024