Source: PaxForex Premium Analytics Portal, Technical Insight
GBP/JPY consolidates at around the 183.60s area after hitting a year-to-date (YTD) high of 183.90, shy of hitting the 184.00 mark. On Tuesday, the GBP/JPY finished the session around 183.59, nearby its open price, forming a doji.
GBP/JPY,D1
Pivot: 183.77
Analysis:
As long as the price is above 180.00 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 183.77
- Take profit 1: 184.50
- Take Profit 2: 186.00
Alternative scenario:
If the level of 180.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 180.00
- Take profit 1: 179.00
- Take profit 2: 178.00
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 188.00 | 180.00 |
| 186.00 | 179.00 |
| 184.50 | 178.00 |
