Source: PaxForex Premium Analytics Portal, Technical Insight
GBP/JPY fell off a cliff in Asia yesterday and continued lower overnight following the Bank of Japan shocked markets on Tuesday with a surprising tweak to its bond yield control.
GBP/JPY,D1
Pivot: 160.58
Analysis:
As long as the price is below 163.00 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 160.58
- Take profit 1: 158.50
- Take Profit 2: 155.00
Alternative scenario:
If the level of 163.00 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 163.00
- Take profit 1: 165.00
- Take profit 2: 167.00
Comment:
RSI indicates the potential for a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 167.00 | 158.50 |
| 165.00 | 155.00 |
| 163.00 | 153.80 |
