GBP/JPY: Based on Support 20/1/2022

Mixed trading dominated the pound’s movements against the Japanese yen to witness within a bullish path after it managed to settle above the 155.50 support level.

Today, we tend to the positivity, but with caution, relying on the price stability above 155.50 accompanied by positive signs that started appearing on stochastic, trying to get more bullish momentum.

Therefore, there is a possibility to visit 156.35, knowing that its breach can consolidate the pair’s gains towards 156.70, a next station that may extend to 157.00 as long as the price is stable above 155.50.

The decline below the mentioned support level puts the price under negative pressure again, with an initial target of 155.10 and extended to visit 154.70.

Note: The risk level is high.

Note: CFDs involve risks; all scenarios may occur.

S1: 155.55	R1: 156.35
S2: 155.10	R2: 156.70
S3: 154.70	R3: 157.10