GBP/JPY: Successfully Testing The Support

The British pound was able to successfully retest the support level published during the previous analysis, located at 143.90, to record its lowest level during the previous trading session at 144.00, to return to the upside rebound.

The technical aspect today indicates the possibility of continuing the rally with the pair consolidating above the mentioned support, in addition to the positive motive of the 50 day moving average.

Therefore, we tend to be positive, targeting 144.80 as a first target, knowing that breaching it is a catalyst that extends the pair’s gains so that the path is open directly towards 145.10 and gains may extend later towards 145.40.

Only from below, a break of 144.00 will stop the bullish trend and put the price under negative pressure, its initial target of 143.50.

Note: Stochastic is trying to get rid of the negativity.

Note: the level of risk may be high today.

S1: 144.15	R1: 144.80
S2: 143.75	R2: 145.10
S3: 143.50	R3: 145.40