Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of Japan announced that it will offer additional bond purchases for JGBs on Wednesday.
GBP/JPY,D1
Pivot: 167.32
Analysis:
As long as the price is below 164.35 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 162.19
- Take profit 1: 159.60
- Take Profit 2: 155.50
Alternative scenario:
If the level of 164.35 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 164.35
- Take profit 1: 168.48
- Take profit 2: 171.00
Comment:
RSI indicates the potential for a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 171.00 | 159.60 |
| 168.48 | 155.50 |
| 164.35 | 154.70 |
