Source: PaxForex Premium Analytics Portal, Technical Insight
On Tuesday, the GBP/JPY retraces after hitting a two-week high around 168.30, amid upbeat sentiment, as shown by Wall Street, registering gains between 1.18% and 1.36%.
GBP/JPY,D1
Pivot: 167.99
Analysis:
As long as the price is below 166.50 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 167.99
- Take profit 1: 171.00
- Take Profit 2: 173.00
Alternative scenario:
If the level of 166.50 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 166.50
- Take profit 1: 165.00
- Take profit 2: 163.00
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 174.15 | 166.50 |
| 173.00 | 165.00 |
| 171.00 | 163.00 |
