GBP/JPY: is getting positive signals 8/8/2022

Positive trading dominated the movements of the pound sterling against the Japanese yen within the bullish context, as we expected touching the first target to be achieved 162.60 and approached by a few points from the second target of 163.60, recording its highest level at 163.47.

On the technical side today, we find the 50-day simple moving average that supports the bullish price curve, the pair’s success in building a support floor of 162.70, and the clear positive signs on the momentum indicator.

Therefore, we may witness a bullish bias in the coming hours, targeting 164.10 next price station, unless we witness any trading below 162.70, knowing that the decline below the mentioned support delays the chances of rising and leads the pair directly towards retesting 162.00 and 161.80, respectively.

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: 161.80	R1: 164.15
S2: 160.30	R2: 164.95
S3: 159.45	R3: 166.45