Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Mixed trading dominated the pound’s movements against the Japanese yen within a bullish context that is close to achieving our required target of around 157.90, recording the highest level at 157.80.
On the technical side today, the price is witnessing stability below the 157.60 level, and we notice the negative signs that started to appear on the stochastic indicator.
Therefore, we may witness a bearish bias in the coming hours, knowing that trading below 156.80 facilitates the task required to visit 156.40 and 155.75, respectively.
Activating the suggested bearish scenario depends on the stability of daily trading below 157.70, and its breach will negate the bearish scenario, and the pair may recover with a target of 158.40/18.20. Note: The risk level is high.
| S1: 156.40 | R1: 157.70 |
| S2: 155.75 | R2: 158.40 |
| S3: 155.10 | R3: 159.00 |
