162.33 is our pivot point.
Our preference: the downside prevails as long as 162.33 is resistance.
Alternative scenario: the upside breakout of 162.33, would call for 163.03 and 163.45.
Comment: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 162.43 and 162.18). Finally, the GBP/JPY is trading below its lower Bollinger band (standing at 161.33).
Supports and resistances:
163.45 **
163.03 *
162.33 **
162.05
161.18 last
160.34
159.92 **
159.51 *
159.09 **
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 03-22-2023 at 21:03 UTC+1
Price reference: 161.18 last known on 03-22-2023 at 21:03 UTC+1
Investment horizon: INTRADAY