GBP/JPY: Settled below resistance 28/6/2022

GBP/JPY fell significantly after it failed to maintain trading above the 167.00 level, targeting 165.13.

On the technical side, today, the apparent negative features on the RSI and its stability below the mid-line 50, a technical factor that supports the decline, and this comes in conjunction with the pair’s stability below the 50-day simple moving average.

Therefore, the bearish bias is the most hopeful, targeting 165.30 the first target, knowing that trading below 165.30 extends the pair’s losses, opening the door to visit 164.50 next official station, unless we witness a consolidation of the price above 166.70.

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: 165.30	R1: 166.70
S2: 164.50	R2: 167.30
S3: 163.90	R3: 168.10