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GBP/JPY touched the first bearish target published during the last analysis, located at 156.10, recording its lowest level at 156.06.
The intraday movements of the pair are witnessing a slight bullish tendency as building on the support of 156.00, in addition to the attempts of the stochastic indicator to obtain additional momentum, coinciding with the move above the 50-day moving average.
There may be a possibility of an upward bias in the coming hours to retest the strong resistance represented by the psychological barrier 157.00 to determine the next price station, knowing that its breach contributes to strengthening the pair’s gains to visit 157.60/157.50 as long as the price is stable above 156.00.
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: 156.10 | R1: 157.10 |
| S2: 155.60 | R2: 157.60 |
| S3: 155.05 | R3: 158.05 |
