Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Mixed trading dominated the movements of the pound sterling against the Japanese yen, canceling the positive outlook, as we expected during the previous analysis, recording its lowest level at 150.12.a
On the technical side, the pair’s current moves are witnessing stability below the resistance level of 151.00. We notice the clear negative signs on the stochastic indicator in the short time frames.
Therefore, the bearish bias is preferred today, targeting the 150.00 first target, knowing that breaking it will extend the pound’s losses against the yen so that we will be waiting for 149.50 and 149.00 waiting stations.
Activating the bearish scenario requires trading stability below the resistance of the psychological barrier 151.00. Its breach will activate the suggested scenario and witness a bullish slope targeting 151.60 and 152.00, respectively.
Note: The risk level is high.
| S1: 150.00 | R1: 151.00 |
| S2: 149.50 | R2: 151.60 |
| S3: 148.95 | R3: 152.00 |
