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GBP/JPY managed to touch the first official target at 148.90, recording its lowest level at 148.95.
On the technical side today, and with a careful look at the 240-minute chart, we find the negative features are still dominating the stochastic indicator and the stability of the intraday trading below the resistance level of 149.80 and, most importantly, 150.20.
Therefore, the bearish scenario will remain valid and effective, targeting 149.00 first target, and breaking it will extend the pair’s losses so that we will be waiting for 14,840. The suggested bearish scenario depends on the stability of trading below the resistance level of 150.20.
| S1: 149.00 | R1: 150.20 |
| S2: 148.35 | R2: 150.75 |
| S3: 147.80 | R3: 151.40 |
