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GBP/JPY jumped within the expected positive outlook during the previous analysis, surpassing the official target published during the last analysis, located at 165.20, recording its highest level during the early trading of the current session at 166.00.
Technically, we are inclined to the positivity, relying on the pair’s success in breaching the 165.00 resistance, which is now turned into a support level and the pair’s continuing positive stimulus from the 50-day simple moving average, which supports the bullish price curve.
Therefore, resuming the bullish trend is still valid and effective, provided that we witness a clear breach of the 166.00 resistance level, opening the way towards 167.00, a first target, and its breach is capable of consolidating the pair’s gains towards 168.00 as long as the daily trading is stable above 165.00.
The return of trading stability below 165.00 delays the chances of rising but does not cancel them, and we witness a retest of 163.80/164.00 before attempts to rise again. NOTE: Stochastic is trying to eliminate the current negativity due to overbuying.
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.
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