GBP/JPY Looking For Extra Momentum

The pound returned to dominate the movements of the British Pound against its US counterpart, after finding solid support floor near 137.00.

Technically, the current moves are witnessing an intraday stability above the breached resistance level of 137.60, and we find that the stochastic indicator started to provide signs that increase the possibility of continuing the upside.

The bullish bias is likely today, provided that the breach of the resistance level at 138.15 is confirmed, and this is a catalyst that enhances the chances of the upside reaching 138.45 and then 138.80, respectively.

Only from below the return of trading stability again below 137.20 / 137.00 negates the suggested bullish scenario and puts the price under strong negative pressure, its initial target of 136.80 and 136.55, respectively.

Warning: The level of risk may be high today.

S1: 137.30	R1: 138.15
S2: 136.85	R2: 138.45
S3: 136.50	R3: 138.95