GBP/JPY | British Pound to Japanese Yen Trading Analysis

Source: PaxForex Premium Analytics Portal, Technical Insight

Bank of England: output price inflation for the year ahead is expected to be 4.5%.

GBP/JPY,D1

Pivot: 157.31

Analysis:

As long as price is above 153.56 follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 157.31
• Take profit 1: 158.00
• Take Profit 2: 161.45

Alternative scenario:

If the level of 153.56 is broken-down, follow the recommendations below:         

• Time frame: D1
• Recommendation: short position
• Entry point: 153.56
• Take profit 1: 149.95
• Take profit 2: 147.81

Comment:

RSI indicates the potential for uptrend in the medium term.

Key levels: