GBP/JPY: a Bullish Intraday Trend

Negative trading dominated the pound’s movements against its Japanese counterpart, as we expected, surpassing the second target to be achieved at 135.40, posting a low of 134.87.

Technically, the current moves are witnessing a slight upward slope, as the pair benefits from building temporarily above 135.50 in addition to the positive motive of the 50-day moving average.

From here, we may witness a bullish bias during the coming hours, aiming to re-test the breached support turned into resistance 136.50 / 136.45 before attempting to descend again.

On the downside, as long as trading remains below 135.15, the expected scenario will be negated, and the bearish tendency will return to control the pair’s movements, and we will be waiting for 134.30. Warning: The level of risk may be high.

S1: 135.15	R1: 136.45
S2: 134.30	R2: 136.90
S3: 133.80	R3: 137.70