GBP/JPY:ِ Facing Negative Pressure

Negative trading dominated the movements of the pound sterling against its Japanese counterpart, nullifying the positive outlook as we expected and touching the stop losses order, published in the previous analysis at 153.60.

On the technical side, we are inclined to the negativity, relying on the pair’s success in breaking the support level of 154.20/154.30 and now turning it into a resistance level, in addition to the clear negative signs on the stochastic indicator.

Therefore, we are targeting 153.45 first target, then 153.00 next official station. Only from above, the return of stability above 154.35 is able to thwart the bearish scenario and lead the pair to an ascending path, with a target of 154.90.

Note: The level of risk is high and scrutiny is required.

S1: 153.45	R1: 154.35
S2: 153.05	R2: 154.90
S3: 152.50	R3: 155.30