The GBPJPY moves away from the moving average– Analysis – 23-5-2022

In spite of the neediness of the positive momentum for the GBPJPY pair, but its rally above the moving average 55 and its stability near 160.00 supports the chances for resuming the bullish attack in the near and medium period, reminding you that surpassing 160.60 level is important to ease the mission for reaching the positive stations that are located at 161.70 and 162.40.

The risk of suffering new losses by the price attempt to reach below the extra support at 157.60, which increases the chances for forming bearish trading that might push it to reach 156.20, then attempt to test the bullish channel’s support at 154.45.

The expected trading range for today is between 158.70 and 160.70

The expected trend for today: Bullish