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The pound’s movements against its Japanese counterpart are witnessing a bearish bias after meeting a strong resistance level of 137.40.
Technically, and looking at the 60-minute chart, we tend towards the negativity depending on the clear negative features on Stochastic, which gradually started losing the bullish momentum.
The bearish bias is favored, targeting 136.40 and 136.70, noting that breaking the latter puts the price under strong negative pressure to target 135.90.
From the upside, surpassing the resistance level of 137.40 will negate the bearish scenario, and the pair will recover, so we will be waiting for a re-test of 138.20.
Warning: the level of risk may be high.
Warning: the expected slight bearish bias does not contradict the daily bullish trend.
| S1: 136.70 | R1: 137.40 |
| S2: 136.30 | R2: 137.75 |
| S3: 135.90 | R3: 138.20 |
