Technical analysis GBPJPY for 06.05.2022

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 159.90. The closest resistance is the level 161.25

Key levels

• 168.40, 166.15, 164.80, 163.75, 162.60, 161.25, 159.90, 159.00

Trading scenario

• Recommended opening short positions (Sell Limit) from the level of 161.25, with Take Profit of 159.00 and Stop Loss of 162.60

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 162.25, with Take Profit of 164.80 and Stop Loss of 161.25