GBP/JPY | British Pound to Japanese Yen Trading Analysis

Source: PaxForex Premium Analytics Portal, Technical Insight

GBP/JPY struggles around 166.50, upside remains favored ahead of UK Inflation.

GBP/JPY,D1

Pivot: 164.86

Analysis:

As long as the price is above 164.25 follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 166.06
• Take profit 1: 167.70
• Take Profit 2: 168.70

Alternative scenario:

If the level of 164.25 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 164.25
• Take profit 1: 163.00
• Take profit 2: 161.70

Comment:

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

Key levels: