GBP/JPY: Facing Negative Pressure

Negative movements dominated the movements of GBP/JPY after it found a resistance level around 151.70, which forced it to retest 150.60.

On the technical side, and by carefully looking at the 60-minute chart, we notice the continuation of the negative pressure coming from the 50-day moving average, in addition to the clear negative features on the stochastic indicator.

Therefore, we tend to be negative, but with caution, provided that we confirm breaking 150.60, to target 150.30 and 150.00, initial targets that may extend later to visit 149.80.

Activating the suggested bearish scenario requires trading to remain below 151.70/151.60, and it should be noted that breaching the mentioned resistance level will stop the bearish bias immediately and lead the pair to an ascending path; its targets are around 152.45.

Note: The level of risk may be high.

S1: 150.30	R1: 151.65
S2: 149.80	R2: 152.45
S3: 149.00	R3: 152.95