Source: PaxForex Premium Analytics Portal, Technical Insight
GBP/JPY falls to 4-month lows around 157.40s.
GBP/JPY,D1
Pivot: 156.70
Analysis:
As long as the price is below 161.50 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 156.70
- Take profit 1: 155.00
- Take Profit 2: 152.65
Alternative scenario:
If the level of 161.50 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 161.50
- Take profit 1: 165.00
- Take profit 2: 167.00
Comment:
RSI indicates the potential for a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 167.00 | 155.00 |
| 165.00 | 152.65 |
| 161.50 | 151.80 |
