GBP/JPY: With Little Change

GBP/JPY did not show any change for the third consecutive session within a sideways range sloping to the downside, between the support level of 152.60 the resistance level of 153.60.

Technically, we are inclined in our trading to the negativity, relying on the negative pressure coming from the 50-day moving average, in addition to the clear negative signs on the stochastic indicator.

Therefore, the bearish scenario will remain valid and effective, targeting 152.50, considering that the breach of the mentioned level will extend the pair’s losses so that we will be waiting for 152.10/152.0 as a next station.

Activating the suggested bearish scenario requires trading to remain below the resistance level of 153.65. Its breach will negate the activation of the suggested scenario and lead the pair to a temporary ascending path, targeting 154.20 before retracing. Thus, the level of risk is not commensurate with the expected return.

S1: 152.40	R1: 153.55
S2: 151.95	R2: 154.20
S3: 151.25	R3: 154.65