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Pound was dominated by negative trading against the Japanese Yen within the expected bearish path, shy off the required target of 135.15, posting low at 135.40.
Technically, the current movements of the pair are witnessing a bullish tendency, as a result of building a base on support floor of 135.60 / 135.70 with the positive motive of the 50-day moving average.
Although the technical factors support the upside, we prefer to wait for confirmation of the breach of 136.70 to confirm the positivity towards 137.10 then 137.60.
In the event that the pair fails to breach the aforementioned resistance and returns to stabilize below 135.65, this encourages us to maintain negative, to complete the previous analysis targets of 135.00 and 134.65, respectively. Caution: The level of risk may be high.
| S1: 135.65 | R1: 136.70 |
| S2: 135.00 | R2: 137.10 |
| S3: 134.65 | R3: 137.70 |
