Source: PaxForex Premium Analytics Portal, Technical Insight
GBP/JPY fades the late Tuesday’s corrective bounce off the 100-bar Simple Moving Average (SMA) as it prints mild losses near the 160.00 psychological magnet during early Wednesday. In doing so, the cross-currency pair keeps the previous week’s retreat from a one-month high.
GBP/JPY,D1
Pivot: 160.60
Analysis:
As long as the price is above 158.50 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 160.60
- Take profit 1: 162.35
- Take Profit 2: 165.00
Alternative scenario:
If the level of 158.50 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 158.50
- Take profit 1: 155.00
- Take profit 2: 152.50
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 167.00 | 158.50 |
| 165.00 | 155.00 |
| 162.35 | 152.50 |
