GBP/JPY intraday: look for a drop towards 162.74 before a bounce

162.74 is our pivot point.

Our preference: look for a drop towards 162.74 before a bounce.

Alternative scenario: the downside breakout of 162.74 would call for 161.96 and 161.49.

Comment: the RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the pair is trading under its 20 period moving average (163.43) but above its 50 period moving average (163.41).

Supports and resistances:

165.82 **

165.36 *

164.89 **

164.43

163.42 last

163.04

162.74 **

161.96 *

161.49 **

Head of Research at TRADING CENTRAL: Rémy GAUSSENS

TRADING CENTRAL is governed by the Code of Conduct of ANACOFI-CIF, an association approved by the Autorité des Marchés Financiers and registered with ORIAS under number 17005458.

Written on 03-03-2023 at 12:13 UTC+1

Price reference: 163.42 last known on 03-03-2023 at 12:13 UTC+1

Investment horizon: INTRADAY