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The pound’s movement against the Japanese yen witnessed a bullish bias during the last trading session, however, we are biased towards the negative side. Technically, the price has stabilized below the resistance level of 149.65, a negative factor, accompanied by the clear negative signs on Stochastic.
Therefore, the bearish bias is likely today, targeting 148.50 the first target, and confirming its breakout, which will lead the pair to continue the downside with the next target of 147.70.
From the top, any trading and stability above 149.65 will immediately stop the expected bearish tendency, and the pair will recover again with the first target of 149.90 and may extend later towards 150.20.
Note: The level of risk may be high today.
| S1: 148.45 | R1: 149.50 |
| S2: 147.70 | R2: 149.90 |
| S3: 147.35 | R3: 150.65 |
