GBP/JPY: Extends Its Losses

During yesterday’s trading session, GBP/JPY witnessed noticeable losses within the expected negative outlook during the last analysis, targeting 149.50, recording its lowest level at 149.40.

On the technical side, the bearish trend is still the most preferred today, based on the clear negative signs on stochastic that come in conjunction with the negativity of the simple moving average.

Therefore, the bearish scenario will remain the most likely, knowing that the confirmation of the breach of 149.40 will extend the pair’s losses to visit 148.75.

Trading above 150.70 can thwart the bearish scenario suggested above, and we may witness a slight bullish slope targeting 151.40 before retracing.

S1: 149.40	R1: 150.70
S2: 148.75	R2: 151.40
S3: 148.15	R3: 152.05