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The current moves of the pound sterling against the Japanese yen are witnessing a bearish bias as a result of the pair’s intraday trading stability below the 149.60 resistance level.
On the technical side, we find the stochastic indicator gradually losing the bullish momentum, which supports the possibility that we will witness a bearish tendency during the coming hours.
We are targeting 149.00/148.90 the first target, and then 148.50 a next official stop that may extend later towards 148.10. Only from the top, to break to the upside and rise again above 149.80, negates the bearish scenario completely and lead the pair to retest 150.20.
| S1: 149.00 | R1: 149.80 |
| S2: 148.50 | R2: 150.20 |
| S3: 148.10 | R3: 150.65 |
