GBP/JPY: Facing Negative Pressure 14/1/2022

The Pound against the Japanese Yen succeeded in achieving the idea of ​​retesting the support published during the previous analysis, surpassing the target to be achieved at 156.60, to record its lowest level around the psychological support level 156.00.

Technically, the current movements are witnessing a bullish tendency due to building on a 156.00 support level. However, by looking at the chart, we find the simple moving averages pressing from the upside accompanied by stochastic gradual loss of bullish momentum.

We tend to be negative, but on condition that we witness a breach of the 156.00 support level, which increases the possibility of touching 155.65, we should pay close attention because if 155.65 is broken, we may witness a further decline towards 155.10.

If the pair can confirm the breach of the 157.10 resistance level from here, the pair may recover, and the road will be open directly towards 157.40 and 157.70, respectively.

Note: The level of risk may be high.

Note: CFDs involve risks; all scenarios may occur.

S1: 156.65	R1: 157.10
S2: 155.10	R2: 158.00
S3: 154.20	R3: 158.55