GBP/JPY: Temporary Negative Trades

Positive trading dominated the moves of the pound sterling against the Japanese yen within the bullish context, as we expected, touching the first official leg of 152.00, approaching a few points difference at the second goal of 152.60, to hit a high of 152.40.

Technically, and with a closer look at the 60-minute chart, we find the negative signs appearing on the stochastic indicator, in addition to the intraday trading remaining below 152.30.

Therefore, we may witness a bearish bias in the coming hours, targeting a retest of 151.40 and 151.00, respectively. The scenario of re-testing the support depends on the price remaining below 152.30/152.35, and overcoming it leads the pair to continue the upside path with the target of 152.85.

S1: 151.10	R1: 152.35
S2: 150.90	R2: 152.85
S3: 150.45	R3: 153.30