Noor Trends News, Technical Analysis, Educational Tools and Recommendations
GBP/JPY approached the retest target mentioned in the previous analysis at 155.30, recording its lowest level at 155.50.
On the technical side, today, we find the pair has benefited from the 155.50 support level, which helped it rebound to the upside once again, to witness the stability of the current move above 156.00, accompanied by the positive motive for the 50-day moving average, which returned to hold the price from below.
Therefore, there may be a possibility of an upward bias in the coming hours, targeting 156.80, and it may extend to visit the psychological barrier of 157.00 as long as the price is stable intraday above 156.00.
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.
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