GBP/JPY: Opening the door for more gains 21/6/2022

Positive trading continues to control the movements of the pound sterling against the Japanese yen, reaching the level of 166.22, maintaining positive stability.

Technically, we are inclined to the positive, but cautiously, relying on a pivot above the 164.70 support floor, along with the pair obtaining a positive stimulus from the 50-day simple moving average, which continues to support the bullish bias.

Therefore, continuing the rise may be valid and effective during the current session’s trading, targeting 167.00 first target, knowing that its breach will extend the pair’s gains and pave the way towards 168.00.

The return of trading stability and price stability below 164.70 postpones the chances of a rise and leads the pair directly to retest 163.70 before determining the next price destination.

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: 163.75	R1: 167.00
S2: 161.75	R2: 168.20
S3: 160.50	R3: 170.20