Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British Pound fell against the Japanese Yen significantly as we expected, surpassing the second target mentioned in the previous analysis at 138.00, and reached a low of 137.54.
Technically, we tend to be negative, given that trading is stable below 138.30 / 138.20 with negative pressure coming from the 50-day moving average.
The daily trend is to the downside, knowing that a breach of 137.50 will accelerate and confirm the strength of the bearish path with targets starting at 137.00 and extending to 136.40.
Only from the top, with trading back above 138.35, negates the suggested scenario and we may see a re-test of 138.90. Note: Stochastic is starting to provide a positive signal on the short time intervals.
| S1: 137.00 | R1: 138.95 |
| S2: 136.35 | R2: 140.15 |
| S3: 135.15 | R3: 140.85 |
