GBP/JPY: facing negative pressure 1/9/2022

GBP/JPY could not achieve the idea of retesting the resistance level 162.40 to complete the mentioned descending official path, touching our desired target at 160.85.

Technically, the negativity of Stochastic supports the possibility of a downside move, which comes in conjunction with the negative pressure from the simple moving averages.

From here, and with the stability of daily trading below 161.90/161.80, the bearish bias is more likely, knowing that decline below 160.85 facilitates the task required to visit 160.45 and then 160.00 as a next stop as long as prices remain stable below 161.90.

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: 160.95	R1: 161.95
S2: 160.45	R2: 162.45
S3: 159.90	R3: 162.95