GBP/JPY: Tends to Positive 18/1/2022

Mixed trading dominated the movements of GBP/JPY, and trading is still limited between 155.90 and 156.90.

On the technical side, the current moves are witnessing intraday stability above the 156.10 support level, accompanied by the attempts of the 50-day moving average to push the price to the upside.

We may witness a bullish bias, but with caution, provided we confirm the breach of the resistance level 156.90 to target 157.20, considering that the confirmation of the recent breach is a catalyst that reinforces the pair’s gains paving the way for a visit to 157.70.

Declining below the 155.90 support level puts the price under negative pressure, its initial target is 155.60, and the negative targets may extend later to visit 155.00.

Note: The risk level is high.

Note: CFDs involve risks; all scenarios may occur.

S1: 155.75	R1: 157.20
S2: 154.80	R2: 157.75
S3: 154.30	R3: 158.65