Source: PaxForex Premium Analytics Portal, Technical Insight
The Pound Sterling (GBP) extends its losses against the Japanese Yen (JPY) amid a risk-off impulse as traders get to the sidelines ahead of the Federal Reserve (Fed) Chairman Jerome Powell’s speech on Wednesday.
GBP/JPY,D1
Pivot: 165.76
Analysis:
As long as the price is below 166.50 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 167.99
- Take profit 1: 163.00
- Take Profit 2: 159.80
Alternative scenario:
If the level of 166.50 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 166.50
- Take profit 1: 169.00
- Take profit 2: 171.00
Comment:
RSI indicates the potential for a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 172.15 | 163.00 |
| 171.00 | 159.80 |
| 166.50 | 158.00 |
