GBP/JPY: Retests Resistance

GBP/JPY traded with clear negativity, as we mentioned during yesterday’s technical report, targeting 149.80, and the pair recorded its lowest level at 149.72.

Technically, and with careful consideration of the short time frames, we find the 50-day moving average trying to push the price to the upside, accompanied by the positivity of the relative strength index.

Therefore, we may witness a bullish bias in the coming hours to retest 151.90/151.80 before attempting to decline again, considering that the daily trend is still bearish with a target of 149.00.

Note: The level of risk may be high.

S1: 150.10	R1: 151.95
S2: 149.00	R2: 152.65
S3: 148.30	R3: 153.70