Noor Trends News, Technical Analysis, Educational Tools and Recommendations
During the previous report, GBP/JPY achieved the first required target, at 155.00, recording the highest level at 155.02.
On the technical side, the pair’s intraday movements are witnessing stability above the support level of 154.50, accompanied by positive signs that started appearing on stochastic, in addition to moving above the 50-day moving average.
Therefore, there is a possibility to witness a bullish bias in the coming hours, targeting 155.25, knowing that the confirmation of the breach of the mentioned level is a catalyst that may enhance the pair’s gains, so we will wait for 155.60 as long as the price is stable above 154.30.
Trading below 154.30 can cancel the idea of the rise and return the bearish tendency to control the pair’s movements; we may witness 153.70 and 153.30, respectively.
Note: CFD trading involves risks; all scenarios may occur.
| S1: 154.30 | R1: 155.25 |
| S2: 153.70 | R2: 155.60 |
| S3: 153.30 | R3: 156.15 |
