Technical analysis GBPJPY for 12.05.2022

The Tenkan-sen line is located below the Kijun-sen line. Both lines are directed downward. 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 resistance is the level 158.510. The closest support is the level 157.570

Key levels

• 159.840, 159.070, 158.510, 157.570, 157.120, 156.390

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 158.510, with Take Profit of 159.070 and Stop Loss of 158.000

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 157.570, with Take Profit of 157.120 and Stop Loss of 158.000