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Negative trading dominated the movements of the pound against the Japanese yen within the expected bearish path during the previous analysis, touching the first target that is required to be achieved at 153.45, approaching by a few points from the second target 153.00, recording its lowest level at 153.10.
Technically, we will maintain our negative outlook, relying on the negative pressure led by the 50-day moving average, which comes in conjunction with the stochastic losing the bullish momentum.
Therefore, we are targeting 153.00/152.95 initial targets, knowing that breaking the latter opens the way for the pair to visit 152.50.
Only from above, the return of stability above 154.05/154.10 postpones the chances of a decline but does not cancel them, and we may witness a retest of 154.70.
| S1: 152.95 | R1: 154.05 |
| S2: 152.50 | R2: 154.70 |
| S3: 151.85 | R3: 155.10 |
