Technical analysis GBPJPY for 01.11.2023

The Tenkan-sen line is located above the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ready to roll over from descending to ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 183.800. The closest resistance is the level 184.400

Key levels

• 185.000, 184.400, 183.800, 183.500, 182.900

Trading scenario

• Recommended opening long positions (Buy Limit) from the level of 183.800, with Take Profit of 184.400 and Stop Loss of 183.500

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 183.500, with Take Profit of 182.900 and Stop Loss of 183.800