GBP/JPY: makes strong gains 8/6/2022

The GBP/JPY pair achieved strong gains within the expected bullish path during the previous analysis, bypassing the official station required to be touched during the last analysis at the price of 167.00, recording its highest level during the early trading of today’s session 167.44.

Technically, we tend to be positive, relying on the positive motive coming from the simple moving averages that continue to support the bullish price curve and the pair’s consolidation above the support level of 166.00.

Therefore, the bullish scenario remains valid and effective, knowing that the confirmation of the breach of 167.45 increases and accelerates and confirms the strength of the daily bullish trend to target 168.10 and 168.80, respectively, as long as the price is stable above 166.00.

The decline below 165.90 delays the chances of rising, and we may witness a bearish corrective slope that aims to retest 164.50 before attempts to rise again.

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: 165.90	R1: 168.10
S2: 164.45	R2: 168.85
S3: 163.70	R3: 170.30