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Negative trading dominated the movements of the pound sterling against the Japanese yen within a strong bearish track, which recorded its lowest level during the early morning trading session at 163.35.
On the technical side, the pair’s current moves are witnessing stability around the lowest level of 163.35, with pressure from the simple moving averages that are pressing the price from above, in addition to the clear negative signs on the stochastic indicator.
The bearish bias is most likely today, targeting 162.65 first target, knowing that breaking it will extend the pair’s losses, opening the way to visit 161.80 as long as trading is stable below 165.00, and most importantly 165.10.
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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