GBP/JPY: Starts Positive

GBP/JPY failed to achieve the expected negative outlook during the previous analysis and started reversing the expected bearish tendency to a bullish direction and hovering around its highest level during the early trading of the current session 156.80.

On the technical side, with the return of the intraday stability above 156.30/156.40 accompanied by the positive crossover signs on stochastic, that increases the chances of gathering bullish momentum to target 157.20, the first target, knowing that the confirmation of its breach extends the pair’s gains, opening the way to visit 157.90.

Trading below 156.30 will immediately halt the suggested bullish scenario, and we will return to the bearish bias with an initial target of 155.75, and it may extend later to visit 155.45.

S1: 156.30	R1: 157.10
S2: 155.75	R2: 157.35
S3: 155.45	R3: 157.90