Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Mixed trades dominated the movements of the pound sterling against the Japanese yen, nullifying the negative outlook in which we relied on the price stability below the resistance level of the psychological barrier 151.00; as a reminder, we indicated during the previous analysis that the pair’s attempts to breach the resistance as mentioned earlier would stop the bearish bias and we witness a retest of 151.50 to succeed in posting a high during the early trading of the current session is 151.48.
On the technical side, we still tend to be negative, relying on stochastic reaching overbought area, in addition to stabilizing intraday trading below 151.70.
Therefore, the chances of the downside correction are still valid, targeting 150.65/150.60 and 150.00 after that, respectively. However, trading above 151.70 can negate our negative expectations, and the pair will start achieving targets around 152.10. Note: the level of risk is high.
| S1: 150.65 | R1: 151.70 |
| S2: 150.00 | R2: 152.10 |
| S3: 149.60 | R3: 152.70 |
