Source: PaxForex Premium Analytics Portal, Technical Insight
GBP/JPY continues to trade steadily near the 163.00 level, as it has since the beginning of the week, as traders wait ahead of key risk events later this week.
GBP/JPY,D1
Pivot: 162.36
Analysis:
As long as price is above 159.88 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 162.36
- Take profit 1: 164.62
- Take Profit 2: 168.45
Alternative scenario:
If the level of 159.88 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 159.88
- Take profit 1: 157.60
- Take profit 2: 155.45
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 171.50 | 159.88 |
| 168.45 | 157.60 |
| 164.62 | 155.45 |
