Source: PaxForex Premium Analytics Portal, Technical Insight
The GBP/JPY pair has sensed selling pressure after multiple failed attempts of surpassing the critical resistance of 161.00 from the past two trading sessions. The cross is likely to display volatile moves amid chatters over the review of decade-long easy policy under the new Bank of Japan (BoJ) leadership ahead.
GBP/JPY,D1
Pivot: 160.95
Analysis:
As long as the price is above 158.50 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 160.95
- Take profit 1: 162.35
- Take Profit 2: 165.00
Alternative scenario:
If the level of 158.50 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 158.50
- 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 |
| 167.00 | 158.50 |
| 165.00 | 155.00 |
| 162.35 | 152.50 |
