Technical analysis GBPJPY for 17.05.2022

The Tenkan-sen line crosses bottom upward the Kijun-sen line. Red is directed upwards, while blue remains horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest resistance is the level 160.300. The closest support is the level 159.320

Key levels

• 161.430, 160.930, 160.300, 159.320, 158.860, 158.310

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 160.300, with Take Profit of 160.930 and Stop Loss of 159.800

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 159.320, with Take Profit of 158.860 and Stop Loss of 159.800