GBP/JPY: Trying to Consolidate

Positive trading dominated the moves of the pound against the Japanese yen, touching the second target to be achieved yesterday at 139.40, posting a high of 139.47.

On the technical side, the current movements are witnessing a slight bearish bias, as a result of intraday buying. With a closer look at the 60-minute chart, we find the 50-day moving average is still holding the price from below, meeting around 138.80 and adding more strength to it.

From here, and with trading remaining above the aforementioned level, the bullish scenario remains valid and effective, targeting 139.80 as a first target and may extend later to 140.40.

Activating the suggested scenario depends on trading remaining above 138.80, and breaking it will immediately stop the bullish attempts, and we will witness a re-test of 138.20.

Note: The level of risk may be high today.

S1: 138.20	R1: 139.80
S2: 137.20	R2: 140.40
S3: 136.65	R3: 141.40