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The current moves of the pound sterling against its Japanese counterpart are witnessing a slight bearish bias, as a result of meeting the resistance level 142.30, 2nd goal of previous analysis.
On the technical side, we are biased to the negativity relying on the clear negative crossover signals on the stochastic indicator, in addition to losing the bullish momentum RSI on short time frames.
We aim to re-test 141.50 a first target that may extend later towards 141.00. Activating the bearish intraday scenario depends on trading remaining below the resistance level 142.20, and breaching it will lead the pair to complete the bullish path with an initial target of 142.70.
| S1: 141.50 | R1: 142.30 |
| S2: 141.00 | R2: 142.70 |
| S3: 140.65 | R3: 143.15 |
