Technical analysis GBPJPY for 03.10.2022

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 0.87770. The closest support is the level 0.86420

Key levels

• 0.89670, 0.88210, 0.87770, 0.86420, 0.85700, 0.85090

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 0.87770, with Take Profit of 0.88210 and Stop Loss of 0.87000

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 0.86420, with Take Profit of 0.85700 and Stop Loss of 0.87000