Source: PaxForex Premium Analytics Portal, Technical Insight
GBP/JPY bulls take a breather around 163.30, after rising the most in seven days during early Wednesday. The cross-currency pair’s latest gains could be linked to the upbeat UK data and hawkish concerns surrounding the Bank of England (BoE).
GBP/JPY,D1
Pivot: 163.15
Analysis:
As long as the price is above 162.00 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 163.15
- Take profit 1: 165.00
- Take Profit 2: 169.00
Alternative scenario:
If the level of 162.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 162.00
- Take profit 1: 159.00
- Take profit 2: 157.00
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 171.00 | 162.00 |
| 169.00 | 159.00 |
| 165.00 | 157.00 |
