GBP/JPY: maintains bullish trend 17/8/2022

Positive movements dominated the pound sterling against the Japanese yen, building on 160.00, the psychological barrier support, rebound upwards, and reach the highest level at 162.74.

Technically, we tend to be positive but cautiously, relying on the positive motive of the 50-day simple moving average and the apparent positive momentum signs on the 14-day momentum indicator.

Therefore, we may witness a bullish bias in the coming hours, targeting 163.45 first target, then 164.00 next station, which requires daily trading to remain above 160.80.

To remind you that the breach below 160.80 renews the chances of negativity, and we may witness touching 160.00 before determining the next price destination.

Note: UK inflation data, US retail sales data, and the results of the Federal Reserve meeting are due today, which are high-impact data; we may see high volatility in prices and all scenarios are on the table.

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: 160.80	R1: 163.45
S2: 159.10	R2: 164.40
S3: 158.14	R3: 166.10