Source: PaxForex Premium Analytics Portal, Technical Insight
The GBP/JPY recovered some ground on Tuesday courtesy of a slight improvement in sentiment, though, in the end, US equities finished in the red, while Asian bourses are set for a lower open as risk aversion got back.
GBP/JPY,D1
Pivot: 155.24
Analysis:
As long as the price is below 157.50 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 155.24
- Take profit 1: 154.00
- Take Profit 2: 152.00
Alternative scenario:
If the level of 157.50 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 157.50
- Take profit 1: 159.00
- Take profit 2: 160.50
Comment:
RSI indicates the potential for a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 160.80 | 154.00 |
| 159.00 | 152.00 |
| 157.00 | 150.00 |
