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The GBP/JPY pair is trading with noticeable positivity, after it succeeded in building on the support floor published during the previous analysis, at 153.50, approaching by a few points from the first target that is required to be touched at 154.30, recording the highest during the morning trading session at 154.22.
On the technical side, we are inclined to the positivity, relying on stability above the mentioned support and the clear positive crossover signs on the stochastic indicator.
Therefore, we will wait for targets around 154.50, the next target, considering that the breach of 154.50 is a catalyst that opens the door for 155.00/154.90.
The above suggested bullish scenario depends on stability above 153.40, and declining below it delays a rise. Still, it does not cancel it, and we witness a temporary bearish slope that aims to retest 152.70 before rising again.
| S1: 153.40 | R1: 154.50 |
| S2: 152.70 | R2: 154.90 |
| S3: 152.30 | R3: 155.60 |
