Source: PaxForex Premium Analytics Portal, Technical Insight
GBP/JPY eyes 171.00 as BoE sets to raise rates further to tame stubborn UK Inflation.
GBP/JPY,D1
Pivot: 170.94
Analysis:
As long as the price is above 166.00 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 170.94
- Take profit 1: 172.00
- Take Profit 2: 174.00
Alternative scenario:
If the level of 166.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 166.00
- Take profit 1: 164.60
- Take profit 2: 162.70
Comment:
RSI indicates the potential for an uptrend in the medium term
Key levels:
| Resistance | Support |
| 175.00 | 166.00 |
| 174.00 | 164.60 |
| 172.00 | 162.70 |
