GBP/JPY: Building on Support 2/9/2022

GBP/JPY found a good support area represented by the bearish target of the last report at 160.85, which forced it to rebound to the upside during the early trading of the current session.

Technically, the pair was based on the support level of 160.85. However, we find the simple moving averages that support the possibility of a bullish bias in the coming hours, accompanied by the positive signs of the RSI and stability above the mid-line.

Therefore, we are waiting for a rise in the coming hours, aiming to retest 162.20 first target, and then 162.55 in a row, unless we witness any trading below 161.30 and most importantly 160.85.

Note: The US NFP, unemployment rate data and average wages are due for release today in the USA, and they have a big impact, and we may see price fluctuations; all scenarios are on the table.

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: 161.30	R1: 162.20
S2: 160.65	R2: 162.55
S3: 160.30	R3: 163.20