GBP/JPY Facing Negative Pressure

The pound’s current moves against the Japanese yen are witnessing a downward slope after a failure to hold a long time above the 141.00 level.

On the 60-minute time frame, we see the RSI indicator gradually losing the bullish momentum, accompanied by clear negative signs on Stochastic.

From here, with steady trading below 141.20, the bearish bias is likely today, targeting a retest of 140.40 as a first target, then 140.00 the next stop.

Only from the top, the return above 141.30 will completely negate the suggested scenario, and the pair will recover again, with the first leg at 141.75.

S1: 140.40	R1: 141.30
S2: 139.90	R2: 141.75
S3: 139.50	R3: 142.25