GBP/JPY: repeats the chances of rising 9/8/2022

GBP/JPY made positive trades during the previous trading session, approaching the first target to be touched at 164.10, recording the highest of 163.85.

On the technical side today, we find the 50-day simple moving average that supports the bullish price curve, in addition to the pair’s success in building a base on the 162.35 support floor and the clear positive signs on the momentum indicator.

Therefore, we may witness a bullish bias in the coming hours, targeting 163.75 first target, and gains may extend later to visit 164.10, unless we witness any trading below 162.35, knowing that the decline below the mentioned support delays the chances of rising and leads the pair directly towards retesting 161.80.

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: 162.45	R1: 163.75
S2: 161.85	R2: 164.45
S3: 161.15	R3: 165.03