GBP/JPY: repeats the chances of rising 12/8/2022

Mixed trading dominated the movements of GBP/JPY during the previous trading session to return to the positive range, building on the support level of 161.80.

On the technical side, the current moves are witnessing a slight bullish bias as a result of the intraday stability above 161.60, accompanied by the attempts of the 14-day momentum indicator to provide positive signals on the short time frames.

We may witness a bullish bias in the coming hours, targeting a retest of 163.00/162.95 first target, knowing that its breach is a catalyst that increases the chances of touching 163.45.

From below, the price stability and stability of 161.60 can thwart the proposed scenario and lead the pair to trade with strong negativity, with targets starting at 161.00 and extending later to visit 160.75.

Note: Monthly – Quarterly GDP figures are due today in the UK and we could see significant impact and volatility in the pair’s movements.

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: 161.60	R1: 162.95
S2: 160.75	R2: 163.45
S3: 160.25	R3: 164.30