Source: PaxForex Premium Analytics Portal, Technical Insight
GBP/JPY is testing fresh bull cycle highs near 174.00 but this may be the highs.
GBP/JPY,D1
Pivot: 172.79
Analysis:
As long as the price is above 168.00 follow the recommendations below::
- Time frame: D1
- Recommendation: long position
- Entry point: 172.79
- Take profit 1: 174.00
- Take Profit 2: 176.00
Alternative scenario:
If the level of 168.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 168.00
- Take profit 1: 166.50
- Take profit 2: 164.60
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 178.00 | 168.00 |
| 176.00 | 166.50 |
| 174.00 | 164.60 |
