GBP/JPY: trying to build above the support 16/6/2022

Mixed trades dominated the movements of GBP/JPY during the previous trading session, within attempts to provide a positive bias, building on stability above the support floor 162.30.

Technically, and carefully looking at the 60-minute chart, we find the 50-day simple moving average trying to push the price to the upside and the intraday stability above the mentioned support level.

We may witness a bullish bias in the coming hours, targeting 164.00 first target, considering that consolidation above 164.00 leads the pair to recover temporarily towards 164.65 as long as the price is stable above 162.30.

The return of the trading stability and the price stability below 162.30 leads the pair to the bearish path again, opening the door to 161.90.

Note: The BoE monetary policy summary is due today, and we may witness price volatility.

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: 161.90	R1: 164.00
S2: 160.75	R2: 164.95
S3: 159.80	R3: 166.10