GBP/JPY: May Witness a Temporary Rise

For the third consecutive session, the Pound against the Yen succeeded in maintaining the trading level above the support floor published during the previous analysis, at 149.50, which forced it to provide some bullish bounce.

On the technical side today, the current movements are witnessing an upward bias due to the positive signs that started appearing on the stochastic indicator, in addition to the price stability above the mentioned support.

Therefore, we may witness a bullish bias in the coming hours to retest 150.40, a first target, and the gains may extend later to visit 150.80 before starting the decline again.

S1: 149.50	R1: 150.40
S2: 149.10	R2: 150.80
S3: 148.70	R3: 151.20