GBP/JPY: may witness a temporary rise 5/8/2022

GBP/JPY was able to achieve the bearish targets within the expected negative outlook during the previous analysis, touching the second leg of 161.50, and recording the lowest 161.10

On the technical side today, and with a closer look at the 60-minute chart, we find signs of positivity starting to appear on the stochastic indicator, in addition to the pair’s attempts to consolidate above the 161.20 support level.

During the coming hours, we may witness a little bullish bias, provided that we confirm the breach of 162.00 to visit 162.60, and the gains may extend later towards 163.60 as long as the price is stable above 160.10.

Trading stability below 161.10 constitutes a negative pressure factor on the pair, and we are witnessing a retest of 160.70 initially.2

Note: Today, we are waiting for high-impact data from the US economy, jobs data, unemployment rate and average wages,” and we may witness high price fluctuations.

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: 160.70	R1: 163.60
S2: 159.50	R2: 165.20
S3: 157.85	R3: 166.40