Source: PaxForex Premium Analytics Portal, Technical Insight
Bank of Japan to raise FY2022 inflation forecast above 2% - Jiji.
GBP/JPY,D1
Pivot: 163.56
Analysis:
As long as the price is below 162.40 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 163.56
- Take profit 1: 164.65
- Take Profit 2: 167.00
Alternative scenario:
If the level of 162.40 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 162.40
- Take profit 1: 160.35
- Take profit 2: 159.10
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 168.80 | 162.40 |
| 167.00 | 160.35 |
| 164.65 | 159.10 |
