GBP/JPY Looking For Additional Momentum

The resistance levels published in the previous analysis, represented by 139.60, were able to limit the bullish bias that the pound witnessed against the Japanese yen.

On the technical side, we tend to be positive, relying on the positive motive coming from the 50-day moving average, coinciding with the RSI’s attempts to obtain bullish momentum.

From here, with steady trading above 138.20, a bullish bias is likely today, provided that the breach of 139.60 is confirmed to enhance the chances of the upside towards 139.90 then 140.40.

Price stability above 18.20 is an important and necessary condition to maintain the bullish scenario. Note: The level of risk is high.

S1: 138.50	R1: 139.85
S2: 137.70	R2: 140.40
S3: 137.10	R3: 141.20