GBP/JPY: based on support 22/8/2022

Positive trades dominated the pound movements against the Japanese yen, trying to build on pivot above the support level 161.50. It hovers around the highest level during today’s morning session, 162.35.

Technically, we are inclined to the positivity, relying on the positive motive coming from the 50-day simple moving average, in addition to the attempts of stochastic to gain additional momentum.

We need to witness intraday stability above 162.40, which may motivate the price to visit 162.85 first target, then 163.45-second target, as long as the price is stable above 161.40.

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: 161.25	R1: 162.85
S2: 161.00	R2: 163.45
S3: 160.40	R3: 164.10