Technical analysis GBPJPY for 07.03.2023

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 turned over from ascending to descending. Instrument is traded between Tenkan-se and Kijun-sen lines. The closest support is the level 163.000. The closest resistance is the level 163.700

Key levels

• 164.900, 164.250, 163.700, 163.000, 162.200

Trading scenario

• Recommended opening short positions (Sell Limit) from the level of 163.700, with Take Profit of 163.000 and Stop Loss of 164.250

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 164.250, with Take Profit of 164.900 and Stop Loss of 163.700