Noor Trends News, Technical Analysis, Educational Tools and Recommendations
A gradual decline to the downside dominated the movement of the pound sterling against the Japanese yen, after finding a strong resistance level near 147.50 within a bearish tendency, recording the lowest price at 146.40.
On the technical side, today there is a conflict between the obvious positive signs on the stochastic indicator, and the negative pressure coming from the 50 day moving average.
We will stand aside intraday, to be in front of one of the following scenarios: To get a bullish trend, we need to witness stability above the support level of 146.20. We also need to witness a clear and strong breach of resistance at 147.30, to open the way directly to target 148.00.
The activation of short positions depends on confirming the break of 146.15, which facilitates the task required to visit 145.70 and then 145.10.
| S1: 146.15 | R1: 147.30 |
| S2: 145.70 | R2: 148.00 |
| S3: 145.00 | R3: 148.50 |
