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The pound was able to touch the first target mentioned in the previous analysis against the Japanese yen at 150.10.
Technically speaking, the pair’s exchange rate remaining below the psychological barrier of 151.00, in addition to the negative pressure from SMAs.
This encourages us to maintain our negative outlook targeting 150.00, bearing in mind that breaking the aforementioned level extends the pair’s losses, so that the door is open directly towards 149.60 a second target and may extend later towards 149.10.
Trading above 151.00 is able to completely defeat the bearish scenario, and we are witnessing a bullish tendency that initially targets 151.40, and the pair’s gains may extend later to visit 151.70.
| S1: 150.00 | R1: 150.95 |
| S2: 149.60 | R2: 151.40 |
| S3: 149.10 | R3: 151.85 |
