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The pound fell against the yen during last Friday’s trading, touching the first target to be achieved, which is located at 150.55, recording its lowest price of 150.27.
On the technical side, today there are some positive signs that started appearing on the stochastic indicator, but the 50 day moving average is still pressing the price from the top in addition to the RSI losing bullish momentum.
Consequently, with the pair continuing to stabilize below the resistance level 151.00, the bearish scenario remains valid and effective targeting 150.10/150.00, and breaking it will extend the pair’s losses, so that the way is directly open towards 149.50.
From the top, surpassing the upside and rising again above 151.10 increases the possibility of a slight bullish bias targeting a retest of 151.55 before retreating again.
| S1: 150.00 | R1: 151.55 |
| S2: 149.40 | R2: 152.40 |
| S3: 148.80 | R3: 153.10 |
