Technical analysis GBPJPY for 16.05.2022

The Tenkan-sen line is located below the Kijun-sen line. Red is directed up, while blue is directed down. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is traded between Tenkan-se and Kijun-sen lines. The closest support is the level 157.57. The closest resistance is the level 158.51

Key levels

• 159.84, 159.07, 158.51, 157.57, 157.12, 156.39

Trading scenario

• Recommended opening short positions (Sell) at the current price, with Take Profit of 157.57 and Stop Loss of 159.07

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 159.57, with Take Profit of 159.84 and Stop Loss of 158.51