Technical analysis GBPJPY for 10.05.2022

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 159.950. The closest resistance is the level 160.850

Key levels

• 164.450, 163.225, 162.050, 160.850, 159.950, 158.725

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 159.950, with Take Profit of 158.725 and Stop Loss of 160.850

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 160.850, with Take Profit of 162.050 and Stop Loss of 159.950