Source: PaxForex Premium Analytics Portal, Technical Insight
GBP/JPY braces for the biggest daily gains in two weeks after the Bank of Japan (BoJ) disappointed the Yen buyers during early Wednesday, up 1.80% intraday near 160.40 by the press time. Adding strength to the cross-currently pair’s upside momentum could be the hopes of upbeat inflation data from the UK.
GBP/JPY,D1
Pivot: 161.01
Analysis:
As long as the price is above 158.50 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 161.01
- Take profit 1: 162.35
- Take Profit 2: 165.00
Alternative scenario:
If the level of 158.50 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 158.50
- Take profit 1: 155.00
- Take profit 2: 152.50
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 167.00 | 158.50 |
| 165.00 | 155.00 |
| 162.35 | 152.50 |
