GBP/JPY on The Downside

The British Pound retreated significantly against the Japanese Yen, to start its first weekly trading on a strong bearish slope that is stable below 138.80.

On the technical side, we tend to negatively trade our trades, depending on the negative crossover signals coming from the stochastic indicator.

Therefore, the bearish bias is likely today, knowing that confirming a breach of 138.00 will facilitate the task required to visit 137.50 and then 136.70.

Consolidation again above 138.80 will stop attempts to decline, and we may witness a bullish tendency, whose initial target is 139.40.

Note: The level of risk is high.

S1: 137.50	R1: 139.40
S2: 136.70	R2: 140.55
S3: 135.55	R3: 141.30