Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The current movements of the British pound against the Japanese yen are witnessing a bearish tendency after it found a strong resistance level near the psychological barrier of 156.00.
On the technical side, today we tend to be negative, relying on the stability of trading below the mentioned resistance, in addition to the negative signals coming from the stochastic indicator.
We are targeting 155.10/155.00 levels, a first target, and breaking it will increase the possibility of touching 154.70. From above, if the breach of 156.00 is confirmed, this is able to thwart the suggested scenario completely, and we may witness a positive trading session for the pound against the yen, with a target of 156.40, and then 156.90.
Note: The level of risk is high.
| S1: 154.70 | R1: 155.85 |
| S2: 154.20 | R2: 156.40 |
| S3: 153.60 | R3: 156.90 |
