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After several consecutive sessions of the sideways trend tilted to the downside, GBP/JPY managed to touch the first awaited target at 152.50, recording its lowest level at 152.38.
On the technical side, the 50-day moving average still supports the possibility of a decline, in addition to stabilizing trading below the resistance level of 153.50. On the other hand, there are some positivity features on stochastic that might push the pair to limited positive movements to retest 153.50 before the start of the decline again.
The slight bullish bias contradicts the bearish trend, which targets around 152.00, once the pair’s breach of the support level 152.40 is confirmed.
| S1: 152.40 | R1: 153.00 |
| S2: 151.95 | R2: 153.30 |
| S3: 151.25 | R3: 153.70 |
