GBP/JPY: Facing Strong Obstacle

The GBP/JPY failed to stabilize for a long time above the 140.30 resistance level, which is a temporary obstacle preventing the pair from continuing the rally.

Technically speaking, the current movements are witnessing a bearish bias due to stability below the aforementioned level, and we see negative signs appearing on Stochastic. Consequently, we may witness a bearish tendency in the coming hours with the aim of retesting 139.50 the first target, then 139.10.

on the upside, the stability of trading again above 140.30 negates the bearish scenario and leads the pair to resume the rise towards 140.65, extending the gains to a visit of 141.10.

S1: 139.50	R1: 140.30
S2: 139.10	R2: 140.65
S3: 138.70	R3: 141.10