GBP/JPY: Confirms The Breach 21/1/2022

GBP/JPY declined noticeably yesterday after it failed to maintain trading above the 155.50 support level, explaining that the decline below the mentioned level puts the price under negative pressure to target 155.10 and 154.70, to record the pair’s lowest level at 154.45.

On the technical side, there may be a possibility to resume the decline due to breaking the 155.10 support level, which is now turned into a resistance level, in addition to the momentum indicator gaining more negative signs on the short time frames.

We may witness touching the 154.10 level as a first target, considering that breaking it will extend the pair’s losses, paving the way to visit 153.50 next price station, as long as trading is stable below 155.10.

Note: The risk level is high.

Note: CFDs involve risks; all scenarios may occur.

S1: 154.10	R1: 155.70
S2: 153.50	R2: 156.70
S3: 152.50	R3: 157.30