Source: PaxForex Premium Analytics Portal, Technical Insight
The GBP/JPY pair has extended its gains to near 160.78 after rebounding from near the psychological resistance of 160.00 in the Asian session. The cross has gained sheer momentum as Bank of Japan (BOJ) Governor Haruhiko Kuroda is standing with the decade-long view of easy monetary policy. The asset aims to re-test a six-day high of around 161.00 as a continuation of loose policy impacts the Japanese yen.
GBP/JPY,D1
Pivot: 161.27
Analysis:
As long as the price is below 163.00 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 161.27
- Take profit 1: 158.50
- Take Profit 2: 155.00
Alternative scenario:
If the level of 163.00 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 163.00
- Take profit 1: 165.00
- Take profit 2: 167.00
Comment:
RSI indicates the potential for a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 167.00 | 158.50 |
| 165.00 | 155.00 |
| 163.00 | 153.80 |
