GBP/JPY: Building on Support 2/2/2022

Positive moves returned to dominate the movements of the GBP/JPY building on a support level of 154.50, which helped the pair rebound upwards, and it is now hovering around its highest level during the early trading of the current session 155.20.

On the technical side today, and with careful consideration of the 60-minute chart, we find the simple moving averages continue to provide a positive motive, in addition to the price stability intraday above 154.70.

Therefore, the pair may visit 155.45, and its breach is a catalyst that contributes to strengthening the rise towards 155.75 and 156.00 as long as the price is stable above 154.70.

Note: the risk level may be high today.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 154.70	R1: 155.45
S2: 154.20	R2: 155.75
S3: 153.80	R3: 156.20