GBP/JPY: May see an upward trend 10/5/2022

The British pound against its Japanese counterpart touched the first bearish target published during the last analysis, at 160.30, recording its lowest price of 160.10.

On the technical side today, by looking at the 60-minutes chart, we notice positive crossover signs that started appearing on the stochastic indicator and the stability of the intraday trading above the support level of 160.10.

Therefore, there is a possibility of a slight bullish bias in the coming hours, targeting 162.20 initially, knowing that the bullish bias does not contradict the bearish trend, whose official targets are around 159.20 once 160.10 is broken.

Note: The risk level is high.

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: 160.10	R1: 162.20
S2: 159.20	R2: 163.20
S3: 158.10	R3: 164.15