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The British Pound opened its daily trading against the Japanese Yen with a slight upward slope, benefiting from building on a support around 136.15.
Technically, looking at the 60-minute chart, we see the moving averages have returned to hold the price with the clear bullish momentum on the stochastic indicator.
We believe in the possibility of a bullish bias in the coming hours, with the first target of 137.00 / 136.90, knowing that the breach below the aforementioned level enhances the chances of a bullish move towards 137.40.
Consolidation again below 136.15 negates the bullish scenario and puts the price under strong negative pressure, initial target 135.40.
| S1: 136.20 | R1: 137.00 |
| S2: 135.85 | R2: 137.40 |
| S3: 135.40 | R3: 137.75 |
