GBP/JPY: Continues to Touch Bearish Targets

Negative trading dominated the pound’s movements against the Japanese yen within the expected bearish path, touching the target to be achieved around 155.00, recording its lowest level at 155.13.

On the technical side today, we tend to be negative in our trading, relying on the stability below the previously broken support level at 156.00 accompanied by clear negative crossover signs on stochastic.

Therefore, the bearish scenario remains valid and effective, targeting the 154.70 first target, considering that breaking it increases the strength of the daily bearish trend towards 154.00/154.20.

Remind that the stability of trading below the previously broken support level, which turned into the resistance level of 156.00, is an essential condition for resuming the decline. Its breach can thwart the above-suggested scenario. We will witness a retest of 157.00 before the start of the drop again.

S1: 154.70	R1: 156.10
S2: 154.20	R2: 157.00
S3: 153.40	R3: 157.45