Source: PaxForex Premium Analytics Portal, Technical Insight
The GBP/JPY registers a minimal upside as Wednesday’s Asian session begins. On Tuesday, the GBP/JPY printed losses of 0.35% and formed an inverted hammer, meaning that further downside is expected.
GBP/JPY,D1
Pivot: 164.20
Analysis:
As long as the price is above 162.00 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 164.20
- Take profit 1: 165.00
- Take Profit 2: 169.00
Alternative scenario:
If the level of 162.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 162.00
- Take profit 1: 159.00
- Take profit 2: 157.00
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 171.00 | 162.00 |
| 169.00 | 159.00 |
| 165.00 | 157.00 |
