GBP/JPY: Starts on The Positive Side

Positive trades dominated the movements of the pound sterling against the Japanese yen, as the current trading witnessed stability near the highest level of at 141.55.

On the technical side, we tend to be positive, relying on the positive motive of the 50-day moving average, which came back to hold the price from below. Thus, the bullish bias is likely today, targeting 142.00 the first target, knowing that the breach of the aforementioned level extends the pair’s gains so that the way is open directly towards 142.40.

From the bottom, the pair broke the support level of 140.70, delaying the bullishness, and we are witnessing a bearish tendency aimed at re-testing 139.90 and may extend later towards 139.50.

Note: The level of risk may be high today.

S1: 140.70	R1: 142.00
S2: 139.90	R2: 142.40
S3: 139.50	R3: 143.15