Technical analysis GBPJPY for 06.12.2022

The Tenkan-sen line is located above the Kijun-sen line. Red is directed upwards, while blue remains horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is descending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 166.350. The closest resistance is the level 166.900

Key levels

• 168.150, 167.500, 166.900, 166.350, 165.675, 165.000

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 166.900, with Take Profit of 167.500 and Stop Loss of 166.350

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 166.350, with Take Profit of 165.675 and Stop Loss of 166.900