GBP/JPY: Breaks Support 19/1/2022

Negative trading has regained control over the movements of GBP/JPY after it failed to maintain trading above the 155.90 support level, which forced the pair to trade with clear negativity during the early trading of the current session.

On the technical side today, we notice the negative pressure coming from the 50-day moving average comes in conjunction with the clear negativity signs on the stochastic indicator.

Therefore, there may be a possibility of more decline in the coming hours, targeting 155.00 first target, and breaking it may extend the pair’s losses towards 154.50 areas.

Trading again above 155.90, the previously broken support-into-resistance. Most importantly, 156.10 can thwart the suggested bearish scenario. We may witness a bullish bias targeting 157.40.

Note: The risk level is high.

Note: CFDs involve risks; all scenarios may occur.

S1: 155.00	R1: 156.45
S2: 154.50	R2: 157.40
S3: 153.60	R3: 157.90