GBP/JPY: Faces Negative Pressure

Negative trading was dominated by the pound’s movement against its Japanese counterpart, after finding a strong resistance level near 152.50.

On the technical side, today, we await the occurrence of a bearish tendency during the coming hours, depending on the clear negativity features on the stochastic indicator, in addition to the intraday trading remaining below the resistance level of 152.00.

Therefore, we target 151.00 as a first target, knowing that breaking the aforementioned level increases and accelerates the strength of the bearish tendency to open the path directly towards 150.55 and the negativity may extend later to visit 150.00.

From the top, crossing to the upside and rising again above the resistance level 152.00 is capable of foiling the bearish scenario, and we may witness a limited bullish tendency with an initial target is 152.60.

Note: The level of risk may be high today.

S1: 151.00	R1: 152.50
S2: 150.55	R2: 153.10
S3: 149.80	R3: 153.45