Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Negative trading dominates the movements of the pound against the Japanese yen, and the pair still finds it difficult to surpass the rise to the resistance level of 153.00/153.10.
On the technical side today, and with a closer look on the chart, we find Stochastic is giving negative signals. From here and steadily trading intraday below 153.10, and most importantly 153.40, the bearish bias is likely today, targeting 152.10 first target, then 151.80 in a row, and the bearish targets may extend later to visit 151.50 next station.
Trading again and the stability of the pair’s exchange rate above 153.40 is able to thwart the bearish scenario, and we may witness an upward bias, with its initial target of 154.00. Note: the risk level may be high today.
| S1: 152.20 | R1: 153.40 |
| S2: 151.50 | R2: 154.00 |
| S3: 150.90 | R3: 154.75 |
