Source: PaxForex Premium Analytics Portal, Technical Insight
The GBP/JPY has plunged from a weekly high of just under 168.000 to just under 166.000 at the time of writing as risk-averse trades take over the market. The pair did bottom out at 165.400 before a slight rebound with support appearing at 165.550.
GBP/JPY,D1
Pivot: 166.05
Analysis:
As long as the price is above 164.50 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 166.05
- Take profit 1: 169.00
- Take Profit 2: 172.00
Alternative scenario:
If the level of 164.50 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 164.50
- Take profit 1: 163.00
- Take profit 2: 161.75
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 173.00 | 164.50 |
| 172.00 | 163.00 |
| 169.00 | 161.75 |
