Source: PaxForex Premium Analytics Portal, Technical Insight
The GBP/JPY retraces from YTD highs at 172.13 and tumbles for the second-straight day due to a risk-off impulse, but also traders booking profits in the GBP/USD ahead of the Federal Reserve’s policy decision on Wednesday.
GBP/JPY,D1
Pivot: 169.56
Analysis:
As long as the price is above 166.50 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 169.56
- Take profit 1: 171.00
- Take Profit 2: 173.00
Alternative scenario:
If the level of 166.50 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 165.50
- Take profit 1: 165.00
- Take profit 2: 163.00
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 175.00 | 166.50 |
| 173.00 | 165.00 |
| 171.00 | 163.00 |
