GBP/JPY: Looking For More Upside 12/1/2022

The British pound continues to advance against its Japanese counterpart and starts today’s session positively, attacking the strong resistance level at 157.40.

On the technical side, we tend to the positivity, relying on the stability of the intraday trading above the 156.60 support level, accompanied by positivity signs that start appearing on the stochastic indicator and the stability of the RSI above the mid-line 50.

Therefore, we may witness a bullish bias during today’s trading, knowing that the breach of 157.40 is a catalyst that may enhance the chances of rising to visit 158.10 and 158.80 as long as prices are stable intraday above 156.60.

Note: The level of risk may be high.

Note: CFDs involve risks; all scenarios may occur.

S1: 156.35	R1: 157.70
S2: 155.95	R2: 158.10
S3: 155.50	R3: 158.80