Technical analysis GBPJPY for 03.10.2022

The Tenkan-sen line is located above the Kijun-sen line. Both lines are directed upwards. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ready to roll over from descending to ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest resistance is the level 164.240. The closest support is the level 161.890

Key levels

• 166.870, 165.390, 164.240, 161.890, 161.090, 160.340

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 164.240, with Take Profit of 165.390 and Stop Loss of 162.900

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 161.890, with Take Profit of 160.340 and Stop Loss of 162.900