GBP/JPY: may see a bearish slope 10/8/2022

Trading tilted to the positive within the expected bullish path yesterday so that GBP/JPY could touch the first target of 163.75, recording its highest level at 163.5.

On the technical side today, we tend to decline in our intraday trading, based on the clear negative signs on stochastic, in addition to the stability of the intraday trading below the resistance level of 163.80.

We are targeting in the coming hours to retest the 162.45 first target, knowing that breaking it puts the pair under negative pressure to visit 161.90 unless we witness any trading again above 163.85.

The crossing above 163.85 might invalidate the expected decline and start the pair to recover with the target of 164.35.

Note: CPI figures are due during the US session, which has a high impact; and may lead to high price volatility.

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.2

S1: 162.45	R1: 163.75
S2: 161.85	R2: 164.35
S3: 161.15	R3: 165.00