GBP/JPY:ِ Facing Negative Pressure

The pound sterling declined against the Japanese yen significantly with the beginning of the morning trading of the current session, reaching as low as 154.55.

On the technical side, today we are inclined to the negativity based on the negativity of the stochastic indicator, which comes in conjunction with the negative pressure of the 50-day moving average.

We target 154.10 the first target, knowing that breaking the latter puts the price under strong negative pressure, its initial target of 153.70. Trading above 155.00 is able to thwart the bearish scenario, and we may witness a retest of 155.60.

Note: The risk level is high.

S1: 154.10	R1: 155.00
S2: 153.70	R2: 155.60
S3: 153.20	R3: 156.05