GBP/JPY: Trying in The Positive Direction 10/1/2022

The positive attempts of the pound against the Japanese yen continue after it managed to benefit from the 156.50 support level, to reach its highest level during today’s session at 157.30.

On the technical side, we tend to be positive, but with caution, relying on the stability of trading above the mentioned support, in addition to the price moving above the 50-day simple moving average.

There may be a possibility to rise towards 157.60 area, and its breach may lead to consolidating the gains to visit 158.20, as long as the price is stable above 156.50, knowing that the decline below the mentioned level may put the price under negative pressure, with its initial target of 156.00.

Note: The level of risk may be high.

Note: CFDs involve risks, all scenarios may occur.

S1: 156.90	R1: 157.60
S2: 156.45	R2: 158.20
S3: 156.00	R3: 158.90