GBP/JPY: Trying to Recover 26/1/2022

Limited positive trading returned to control the pound’s movements against the Japanese yen during the previous trading session, benefiting from approaching the psychological barrier support level 153.00, recording its lowest price at 153.12.

Technically, the pair’s current moves are witnessing stability and a pivot above the support level of 153.20, as we find the 50-day moving average trying to push the price to the upside.

We may witness a bullish bias in the coming hours to retest 154.20 first target, knowing that moving above the mentioned level might consolidate gains, opening the door to 154.60.

Note: the bullish bias does not contradict the daily bearish trend, which targets around 152.40 once 153.20 breach is confirmed.

Note: Fed statement is due today and may cause high volatility.

Note: CFD trading involves risks; all scenarios may occur.

S1: 153.30	R1: 154.20
S2: 152.75	R2: 154.60
S3: 152.40	R3: 155.10