GBP/JPY Facing Negative Pressure

Positive trading dominated the moves of the pound against the Japanese yen, approaching a few points difference from the target published during the previous analysis at 139.50, to record its highest level at 139.43.

On the technical side, the current moves are witnessing a bearish tendency, as the pair found a strong resistance level near 139.10, and we find that the stochastic indicator started gradually losing the bullish momentum.

Therefore, we may witness a bearish bias during the coming hours, targeting 137.70 the first target and may extend later towards 137.40. From the top, the stability of trading once again above 139.60 will negate the bearish scenario and lead the pair to a bullish path targeting 140.40.

Note: The level of risk is still high.

S1: 137.70	R1: 139.60
S2: 136.70	R2: 140.40
S3: 135.80	R3: 141.45