Source: PaxForex Premium Analytics Portal, Technical Insight
The GBP/JPY pair has sensed selling interest while attempting to extend recovery above the critical resistance of 158.00 in the Asian session. The less-confident pullback move by the Pound Sterling has been punished, and the downside journey for the cross has resumed.
GBP/JPY,D1
Pivot: 158.08
Analysis:
As long as the price is above 156.75 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 158.08
- Take profit 1: 1620.00
- Take Profit 2: 162.35
Alternative scenario:
If the level of 156.75 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 156.75
- Take profit 1: 155.00
- Take profit 2: 152.50
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 163.00 | 156.75 |
| 162.35 | 155.00 |
| 160.00 | 152.50 |
