Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British pound against the Japanese yen succeeded in achieving the idea of retesting the support published during the previous analysis, touching the first target for the retest at 167.00 and approaching by a few points from the second target of 166.50, recording its lowest level at 166.70.
On the technical side today, we notice the continuation of the negative pressure from the simple moving averages, which coincides with the clear negative features on Stochastic, which continues to lose bullish momentum on the short time frames.
We may witness a bearish tendency in the coming hours, targeting 166.70 first target, taking into consideration that trading below the mentioned level opens the way to visit 165.70 unless we witness price stability above 168.70.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
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