GBP/JPY: Negative Pressure Remains

The pound’s moves against the Japanese yen are witnessing a downward tendency to gradually approach the first target required to be touched during the previous analysis, 149.40, to settle for recording a low of 149.65.

On the technical side, today, we tend to be negative, citing the continuation of stochastic gradually losing its bullish momentum.

Consequently, we will hold onto our negative outlook, targeting 149.45/149.40 the first target, and then 148.80 next stop. In general, we will continue favoring the downside unless we witness any trading above 150.70.

S1: 149.45	R1: 150.65
S2: 149.00	R2: 151.30
S3: 148.30	R3: 151.80