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GBP/JPY could achieve the idea of retesting the required target during the previous analysis published at the end of last week’s trading, touching the target of 165.70, recording its lowest level at 165.17.
Technically, the current moves are witnessing attempts to stabilize above the 50-day simple moving average and the price’s pivot above intraday, above the 165.00 support level.
We tend to be positive in the coming hours, but cautiously, targeting 167.50 first target, as long as the price is stable above 165.00. It should be noted that the decline below the mentioned level is leading the pair to the downside path again, with initial targets starting at 164.60 and 163.50.
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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