GBP/JPY | British Pound to Japanese Yen Trading Analysis

Source: PaxForex Premium Analytics Portal, Technical Insight

GBP/JPY drives to near 161.50 as BOE considers prolonged bond-buying program.

GBP/JPY,D1

Pivot: 159.96

Analysis:

As long as the price is above 159.40 follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 159.96
• Take profit 1: 163.60
• Take Profit 2: 167.40

Alternative scenario:

If the level of 159.40 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 159.40
• Take profit 1: 157.90
• Take profit 2: 156.35

Comment:

RSI indicates the potential for an uptrend in the medium term.

Key levels: