Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The pound retreated against the Japanese yen, as we expected. We made clear that breaking 135.15 is a negative pressure factor forcing the pair to touch 134.30, posting its lowest level in early trading at 134.40.
Technically, looking at the 60-minute chart, we see the RSI indicator has started to gain strong bearish momentum and stabilizing below the midline with the negative pressure of 50-day moving average.
Consolidating trading below 135.30 encourages us to maintain the negative outlook, targeting 133.90 as a first target, followed by 133.30. The prive consolidating above resistance level 135.40 / 135.30 negates the suggested scenario, and we may witness attempts to rise with the aim of re-testing 136.40
| S1: 133.90 | R1: 135.45 |
| S2: 133.35 | R2: 136.45 |
| S3: 132.30 | R3: 137.00 |
