GBP/JPY: Archives Strong Gains

The pound achieved noticeable gains against the Japanese yen, canceling the expected negative outlook during the previous analysis, touching the stop-loss order published during the previous analysis.

On the technical side, today, with the return of trading stability above the psychological barrier support level 142.00, accompanied by the positive stimulus of the 50-day simple moving average.

This makes us believe that the possibility of continuing the rise is an existing and effective scenario, targeting 142.85 as a first target, and gains may extend later towards 143.30.

The suggested bullish scenario depends on stability above 142.00, and breaking it will delay bullish chances, and we will witness a re-test of 141.60.

Note: the level of risk may be high today.

S1: 141.60	R1: 142.85
S2: 141.80	R2: 143.30
S3: 140.40	R3: 144.10