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Positive trading returned to dominate pound’s movements against Japanese yen, benefiting from the 137.10 support floor, heading towards re-testing the 138.30 resistance level.
Technically, we lean towards negativity given that trading remains above 137.60 with positive catalysis from the 50-day moving average.
From here, we target 138.65 as a first target, bearing in mind that the confirmation of the breach enhances the chances of the rally to visit 139.20.
Trading again below 137.60 forces the pair to re-visit 137.10 before attempting to rise again.
| S1: 137.60 | R1: 138.65 |
| S2: 137.10 | R2: 139.20 |
| S3: 136.65 | R3: 139.65 |
