Our pivot point is at 159.08.
Our preference: the downside prevails as long as 159.08 is resistance.
Alternative scenario: the upside breakout of 159.08, would call for 159.77 and 160.18.
Comment: the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 159.76 and 160.52). Finally, the GBP/JPY has penetrated its lower Bollinger band (158.68).
Supports and resistances:
160.18 **
159.77 *
159.08 **
158.81
158.37 last
157.46
157.06 **
156.65 *
156.24 **
Head of Research at TRADING CENTRAL: Rémy GAUSSENS
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Written on 03-24-2023 at 11:09 UTC+1
Price reference: 158.37 last known on 03-24-2023 at 11:09 UTC+1
Investment horizon: INTRADAY