Source: PaxForex Premium Analytics Portal, Technical Insight
A glance at the daily Ichimoku charts shows that the bullish momentum remains strong. There is no evidence that the high of 158.22 is confirmed. Consequently, there are possibilities that the cross will reach higher levels before finally ending the bullish run, which has now climbed above the July 2021 low of 148.47.
GBP/JPY,D1
Pivot: 157.10
Analysis:
As long as price is above 154.07 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 157.10
- Take profit 1: 158.50
- Take Profit 2: 161.50
Alternative scenario:
If the level of 154.07 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 154.07
- Take profit 1: 150.53
- Take profit 2: 148.43
Comment:
RSI indicates the potential for uptrend in the medium term.
Key levels:
| Resistance | Support |
| 163.62 | 154.07 |
| 161.50 | 150.53 |
| 158.50 | 148.43 |
