GBP/JPY: Fails to Break Through The Resistance

GBP/JPY failed to confirm breaching the psychological resistance level of 152.00, to return to trade negatively, touching the stop-loss order at 151.60, recording the lowest around 151.45.

On the technical side today, the pair closed below the mentioned resistance level at 152.00, accompanied by the negative pressure of the 50-day moving average, in addition to the clear negative crossover signs on the stochastic indicator.

The bearish bias is likely today, targeting 151.10/151.00, the first target, knowing that breaking the latter will extend the pair’s losses so that we will be waiting for 150.70.

Trading again above 152.00  cancels the mentioned scenario, and the pair recovers again to visit 152.70 initially.

S1: 151.30	R1: 152.00
S2: 151.00	R2: 152.35
S3: 150.70	R3: 152.70