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Negative trading dominated the pound’s moves against the Japanese yen, after finding a strong resistance level near 154.30.
On the technical side, we tend to be negative in our trading depending on the clear negative signs on Stochastic, in addition to the intraday trading remaining below the resistance level of 154.35.
Therefore, the bearish bias is likely today, targeting 153.70, noting that breaking the aforementioned level will facilitate the task required to retest 153.00 an official station awaited.
Exceeding to the upside and rising above 154.35 will immediately stop the expected bearish bias and lead the pair to an upward intraday path, with the initial target of 154.70.
| S1: 153.70 | R1: 154.35 |
| S2: 153.40 | R2: 154.70 |
| S3: 153.00 | R3: 155.00 |
