GBP/JPY: achieves the bearish target 6/5/2022

The pound against the Japanese yen noticeably declined within the bearish corrective context published during the previous analysis, touching the official target for the last analysis at 161.20, recording its lowest level at 160.47.

Technically, today, we tend to the negativity, relying on the stability of trading below 162.30 and the clear negative signs on the momentum indicator on the 240-minute time frame.

Therefore, we maintain our negative expectations, targeting 160.10 the first target, knowing that the breach below the mentioned level puts the price under strong negative pressure. Its next target is near 158.80 if the price is stable below 162.30.

Stability above 162.30 delays the chances of a decline but does not cancel them, and we may witness a retest of 163.20 before continuing to decline again.

Note: the level of risk may be high.

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: 160.10	R1: 163.25
S2: 158.75	R2: 165.00
S3: 157.00	R3: 166.40