GBP/JPY: may witness a temporary rise 25/5/2022

GBP/.JPY was able to touch the targets that need to be achieved during the previous analysis, at 158.70, surpassing the target and recording its lowest level at 158.00.

On the technical side, today, and with careful consideration on the 60-minute chart, the limited positivity signs started appearing on the momentum indicator, which is trying to get rid of the current negativity, in addition to stabilizing the price temporarily above 158.50.

There is a possibility of a bullish bias in the coming hours, with the aim of retesting 160.60 before declining again, as long as the price is stable above 158.50.

The decline below the support level mentioned above is leading the pair once again to the official descending path, with an initial target located around 157.85 and extending later towards 165.60. 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: 157.85	R1: 160.85
S2: 156.45	R2: 162.45
S3: 154.90	R3: 163.90