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GBP/JPY managed to touch the first target mentioned in the previous report, which is located at 154.10, recording its lowest price at 154.13 to return to the bullish rebound again, benefiting from the support level.
On the technical side, today, and with a closer look at the 60-minute chart, we find the 50-day moving average that returned to hold the price from below, accompanied by stochastic attempts to get rid of the current negativity.
Therefore, the bullish bias is likely today, targeting 155.45/155.50 a first target, knowing that breaching the mentioned target increases the possibility of continuing the rise towards 155.80.
Trading below 154.40 is able to thwart the suggested bullish scenario, and the pair’s movements are witnessing a bearish bias, with the aim of retesting 153.70.
| S1: 154.40 | R1: 155.45 |
| S2: 153.70 | R2: 155.85 |
| S3: 153.30 | R3: 156.55 |
