Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The technical outlook is unchanged, and the movements of GBP/JPY did not change significantly, maintaining the bearish path as we expected, settling below 157.50.
On the technical side today, we expect a bearish bias in the coming hours, based on the stability of the intraday trading below the resistance level of 157.50 accompanied by negative signs that started to appear on the stochastic indicator.
Confirmation of breaking 156.90 facilitates the task required to visit 156.00, a first target, and then 155.70, and losses may extend later to visit 155.30, as long as trading remains stable below the resistance level of 157.50.
The breach of the resistance mentioned above can thwart the bearish scenario, and we will witness a positive trading session, with its initial targets located around 157.80 and extending towards 158.40.
| S1: 156.30 | R1: 157.50 |
| S2: 155.80 | R2: 158.20 |
| S3: 155.15 | R3: 158.65 |
