GBP/JPY: extends losses 15/6/2022

The British pound extended its losses against its Japanese counterpart after failing to maintain trading and stability above the 163.00 level, recording its lowest price during the last session, 161.35.

On the technical side, we tend to the negativity, relying on the pair’s continuing negative pressure from the simple moving averages, which is accompanied by the price stability below 163.00 and in general, below 163.50.

Therefore, the possibility of a decline is the most likely scenario today, knowing that the decline below 162.00 increases and accelerates the strength of the bearish trend, opening the door to visit 161.00 an initial station, and its targets may extend later towards 159.70 as long as the price is stable below 163.40.

Trading stability and cohesion above 163.40 postpones the chances of a decline but does not cancel them, and we witness a temporary bullish bias that aims to retest 164.00 and 164.50, respectively.

Note: the level of risk may be high.

Note: the markets are waiting for important data that could lead to volatility; US Retail Sales, Interest Rate, Federal Reserve Statement & Press Conference

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: 161.00	R1: 164.00
S2: 159.70	R2: 165.60
S3: 158.10	R3: 167.00