GBP/JPY: trying to recover temporarily 13/5/2022

JPYGBP incurred heavy losses during the last session, surpassing the target that needs to be touched at 159.10, and recording its lowest level at 155.60.

On the technical side today, the pair’s current movements are witnessing a limited bullish tendency due to the intraday pivot above 156.60, accompanied by the attempts of the 50-day simple moving average to push the price to the upside.

We may witness a limited bullish bias in the coming hours, targeting a retest of 159.10 before reversing again, knowing that the daily trend is still bearish and its initial targets are around 155.60.

Note: The risk level may be high.

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: 155.60	R1: 159.30
S2: 153.75	R2: 161.15
S3: 151.90	R3: 163.00