GBP/JPY: On Positive Side

Positive trading dominated the movements of the pound sterling against the Japanese yen, cancelling the negative outlook, as we expected, and touching the stop loss order published in the previous analysis at 142.20.

On the technical side, the current moves are witnessing a bullish bias supported by the positive motive of the 50-day moving average. From here, with steady trading above 141.70, the bullish bias is likely today, targeting 142.145 the first target, then 142.70, and gains may extend later towards 143.10. Trading again below 141.70 will cancel the suggested scenario and lead the pair to a downside path targeting 141.20.