Source: PaxForex Premium Analytics Portal, Technical Insight
Bank of Japan Minutes: The Central Bank should support the economy, which is under pressure from rising commodity prices.
GBP/JPY,D1
Pivot: 165.07
Analysis:
As long as the price is above 163.70 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 165.07
- Take profit 1: 167.00
- Take Profit 2: 168.80
Alternative scenario:
If the level of 163.70 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 163.70
- Take profit 1: 161.75
- Take profit 2: 160.40
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 168.80 | 161.75 |
| 167.00 | 160.40 |
| 163.70 | 159.10 |
