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Positive trades dominated the GBP/JPY, but positive trades are still limited due to the pair’s failure to breach the psychological resistance level of 155.00.
Technically, with the movement below 155.00 accompanied by the negativity of the stochastic indicator, as shown on the 4-hour chart, this makes the bearish scenario the most preferred, knowing that trading below 154.30 facilitates the task required to visit 153.70 and then 153.30 as long as the price is stable below 155.00 and most importantly 155.10.
A breach of the resistance level mentioned above may lead the pair to recover to visit 155.70, and its gains may extend later towards 156.15.
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: 154.30 | R1: 155.25 |
| S2: 153.70 | R2: 155.70 |
| S3: 153.30 | R3: 156.15 |
