GBP/JPY: tends to fall 18/8/2022

The British pound achieved the first bullish target required to be touched during the previous analysis at 163.45, recording its highest level at 163.57.

Technically, the current moves are witnessing intraday stability below the psychological barrier of 163.00, as we find the negative signs started to appear on the stochastic indicator on the 4-hour time frame.

Therefore, there is a possibility of a slight bearish tendency in the coming hours, targeting a retest of the support level 162.00, and then 161.70, before attempts to rise again.

Consolidation above 163.10 will stop the proposed scenario and lead the pair to recover, with targets starting at 163.40 and extending later to visit 164.00

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: 162.00	R1: 163.40
S2: 161.40	R2: 164.20
S3: 160.60	R3: 164.80