Source: PaxForex Premium Analytics Portal, Technical Insight
GBP/JPY was an inside day on Tuesday and coupled with the bullish megaphone, this could be regarded as a highly bullish scenario for the day ahead as the hybrid would be thought to signal a strong continuation pattern.
GBP/JPY,D1
Pivot: 169.02
Analysis:
As long as the price is above 165.00 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 169.02
- Take profit 1: 170.00
- Take Profit 2: 172.00
Alternative scenario:
If the level of 165.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 165.00
- Take profit 1: 162.00
- Take profit 2: 159.50
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 173.00 | 165.00 |
| 172.00 | 162.00 |
| 170.00 | 159.50 |
