Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Negative trading dominated pound’s movement against the Japanese yen, after it encountered a strong resistance level around 135.80 and settled below it.
Technically, looking at the 60-minute chart, we find that the 50-day moving average putting a pressure on the price, meeting around 135.80 / 135.60, and adding more strength.
From here, we will maintain our negative outlook targeting 134.50 / 134.60 as a first target, and breaking it will extend losses towards 133.80.
Consolidation again above 135.90 negates the suggested scenario and pushes the pair onto a bullish intraday path, with an initial target of 136.60. Warning: The level of risk may be high.
| S1: 134.50 | R1: 135.90 |
| S2: 133.75 | R2: 136.60 |
| S3: 133.10 | R3: 137.30 |
