GBP/JPY:ِ Starts with a Negative Tone

The British Pound jumped against the Japanese Yen, canceling the negative outlook expected during the previous analysis, touching the stop-loss order published during the previous analysis, at a price of 154.70.

On the technical side, today we tend to be positive, but with caution, relying on the pair’s breach of the resistance level of 155.50 and turning it into a support level, in addition to the return of the simple moving averages to hold the price from below. Therefore, the bullish bias is likely today, targeting 156.70 the first target, and its breach is a catalyst that enhances the chances of the upside to visiting 157.70.

A reminder that the activation of the bullish scenario requires trading to remain above 155.50, and breaking it delays the chances of an upside but does not cancel it, and we may witness a re-selection of 154.50 before attempts to rise again. Warning: Stochastic is trading around overbought areas.

S1: 154.50	R1: 156.70
S2: 153.10	R2: 157.50
S3: 152.30	R3: 158.90