Technical analysis GBPJPY for 10.03.2023

The Tenkan-sen line is located below the Kijun-sen line. Red is directed upwards, while blue remains horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is traded between Tenkan-se and Kijun-sen lines. The closest support is the level 162.100. The closest resistance is the level 162.650

Key levels

• 163.500, 162.650, 162.100, 161.550, 160.925

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 162.650, with Take Profit of 163.500 and Stop Loss of 162.100

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 162.100, with Take Profit of 161.550 and Stop Loss of 162.650