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Negative trading dominated the pound’s movements against the Japanese yen within the expected bearish context during the previous analysis. On the technical side, we tend to be negative, relying on the confirmation of the pair breaking the support level of 150.70, which is now converted into a resistance level, in addition to the clear negative features on Stochastic.
Therefore, we target 149.40, and then 148.80. Trading above 150.75 will immediately stop the bearish bias, and we witness a temporary bullish tendency aiming to re-test 151.50.
| S1: 149.75 | R1: 150.60 |
| S2: 149.35 | R2: 151.00 |
| S3: 148.90 | R3: 151.50 |
