GBP/JPY Negativity Still Intact

Negative trading returned to dominate the pound’s moves against its Japanese counterpart, negating the positive outlook as we expected, we indicated that the return of trading stability below 139.60 will negate the suggested scenario and put the price under negative pressure with an initial target of 136.35, to record its lowest level at 136.13, offsetting long positions.

Technically, with the pair’s success in breaking the support-into-resistance of 136.90, with negative pressure from the simple moving averages. Therefore, the bearish scenario will remain intact, targeting 135.60 as a first target, noting that trading below the aforementioned level will extend losses and open doors towards 135.10.

Activation of the suggested scenario depends on trading remaining below 137.00 / 136.90.

S1: 135.20	R1: 137.20
S2: 135.00	R2: 138.35
S3: 134.00	R3: 138.90