GBP/JPY: may witness a temporary rise 31/8/2022

During the previous trading session, the British pound fell against its Japanese counterpart within the expected bearish context, heading for the expected bearish targets at 162.00 and then 161.45.

Technically, we tend to the limited positivity and expect a bullish bias in the coming hours, based on the positive crossover signs that started appearing on the stochastic indicator.

We aim to retest 162.40, knowing that the bullish bias does not contradict the bearish price movement, which targets around 161.30 and extends later to visit 160.85.

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: 161.30	R1: 162.45
S2: 160.85	R2: 163.00
S3: 160.20	R3: 163.50