GBP/JPY: starts positive 26/5/2022

Positive trading dominated the movements of the pound sterling against its Japanese counterpart within the expected bullish context during the previous analysis, touching the awaited target at 160.60, recording its highest level during today’s morning trading session at 160.83.

Technically and carefully looking at the 4-hour chart, we notice that the pair obtained a positive stimulus from the 50-day simple moving average and the pair’s success in building a base at the 159.60 support level.

Therefore, we may witness a bullish bias during the session, provided that we witness cohesion above 160.40, targeting 160.80 first target. Then 161.20 next stations, as long as trading is stable in general above 159.60.

Note: The risk level may be high.

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: 158.80	R1: 161.20
S2: 157.40	R2: 162.20
S3: 156.40	R3: 163.65