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The British pound’s current moves against the Japanese yen are witnessing negative moves after finding a strong resistance level around 138.40 within the current attempts to target a re-test of 137.80.
Technically, we tend to be positive despite the current bearish bias, given that trading remains above the support floor of 137.30 with the positive motive from the 50-day moving average.
A bullish bias may be likely with initial targets starting at 138.40 as a first target, and breaking it will enhance chances of an upside move towards 138.75.
From below, a break of 137.10 negates the suggested scenario, and witnesses a bearish bias, targeting 136.65. Note: The level of risk may be high.
| S1: 137.70 | R1: 138.30 |
| S2: 137.45 | R2: 138.65 |
| S3: 137.10 | R3: 139.10 |
