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The pound retreated against the yen during the previous session, after finding a strong resistance level around 136.60.
On the technical side, the pair started its early trading with a bearish tendency, as the current moves see stability below 136.45, accompanied by upcoming negative crossover signals on the stochastic indicator.
Therefore, we believe that there is a possibility to witness a bearish slope in the coming hours with the first target of 135.70, then 135.40. A reminder that surpassing the upside and rising above 136.50 delays the chances of reversing, any may witness a mild bullish slope that starts at 136.90 / 137.00 and may extend to 137.20.
The level of risk may be high and not commensurate with the expected return.
| S1: 135.70 | R1: 136.45 |
| S2: 135.45 | R2: 136.90 |
| S3: 135.00 | R3: 137.20 |
