Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive trading dominated the movements of the pound sterling against the Japanese yen, nullifying the negative outlook, as we expected, touching the stop losses order at 151.20.
On the technical side today, and with a closer look at the 60-minute chart, we find the 50-day moving average trying to push the price higher, accompanied by positive signals from the RSI.
From here and steadily trading above the previously breached resistance 150.70, the bullish bias is likely today, provided that the breach of 151.20 is confirmed. That is a motivating factor that increases the possibility of touching 151.65 and 152.10.
Activating the suggested scenario depends on the stability of the intraday trading above 150.65, and most importantly, 150.35. Breaking the latter can thwart the attempts to rise and renew negative pressure to visit 149.65.
| S1: 150.35 | R1: 151.65 |
| S2: 149.65 | R2: 152.25 |
| S3: 149.00 | R3: 152.95 |
