GBP/JPY Witnessing a Bearish Tendency

We maintained our intraday neutrality during the previous analysis, despite our trading bias towards the negative, due to the conflicting technical signals and the high level of risks.

The current moves of the pound against the Japanese yen are witnessing a bearish tendency as a result of stabilizing below the 140.35 resistance level, as we find stochastic gradually losing its bullish momentum.

Thus, the bearish bias is likely today, targeting 139.50 as a first target, knowing that the breach of the aforementioned level will extend the pair’s losses, opening the way towards 139.10.

From the top, a rise again above 140.40 is capable of aborting the bearish scenario, and the pair will recover again to visit 140.85 / 140.90.

Note: The level of risk may be high today.

S1: 139.50	R1: 140.40
S2: 139.10	R2: 140.85
S3: 138.65	R3: 141.25