GBP/JPY: May Witness a Temporary Bearish Bias

Positive trading dominated the movements of the pound sterling against the Japanese yen, heading towards touching the second target at 152.70, recording the highest level at 152.68.

Technically, today, the pair’s current moves are witnessing a bearish slope due to hitting the resistance level of 152.70, which is our desired target. Furthermore, we find stochastic providing intraday negative signals that may force the pair to trade negatively in the coming hours.

Therefore, we may witness a bearish bias as long as trading remains below 152.70, targeting a retest of 151.70, a first target, considering that breaking it puts the price under negative pressure, with the second target of 150.70.

On the other hand, trading again above 152.70 can thwart the expected bearish bias and lead the pair to the bullish path again, with a target of 153.00 and extends to visit 153.40.

S1: 151.70	R1: 152.55
S2: 151.10	R2: 153.00
S3: 150.70	R3: 153.40