Technical analysis GBPJPY for 12.10.2022

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is ascending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 160.825. The closest resistance is the level 162.750

Key levels

• 164.950, 162.750, 160.825, 159.325, 157.225

Trading scenario

• Recommended opening long positions (Buy Limit) from the level of 160.825, with Take Profit of 162.750 and Stop Loss of 159.325

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 159.325, with Take Profit of 157.225 and Stop Loss of 160.825