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Negative trading returned to control the pound’s movements against the Japanese yen due to stability once again below the pivotal resistance level located at the price of 157.10/157.00, and the pair is witnessing stability near its lowest level around 155.75.
On the technical side, today, we are inclined to negativity due to the appearance of negativity signs on the stochastic indicator and the negative pressure of the 50-day moving average.
Therefore, the possibility of visiting 155.30 is still effective, knowing that the decline below it constitutes a negative pressure factor on the pair, paving the way for a visit to 154.75 next station that may extend its objectives later towards 154.10.
From above, consolidation above 156.50 may postpone the idea of a decline, and we will witness intraday movements that tend to be positive to retest 157.00 again.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
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