GBP/JPY: Trying to Recover

Positive trading regained control over the pound’s movements against its Japanese counterpart, benefiting from positive stability above the 156.00/156.30 support level.

Technically, we notice the positive crossover signals coming from the stochastic indicator, coinciding with the price’s movement above the 50-day moving average.

Therefore, we tend to be positive, but cautiously, to target 157.10, a first target, considering that its breach will extend the pair’s gains so that the road is directly open to visit 157.55 initially.

To remind you that the stability of the daily trading above the support level of 156.00 is an essential condition to activate the suggested scenario and break it, putting the price under negative pressure to target 155.00.

S1: 156.05	R1: 157.10
S2: 155.45	R2: 157.55
S3: 155.00	R3: 158.15