Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive trades dominated the movements of the pound sterling against the Japanese yen within the expected bullish path during the previous analysis, exceeding the second target that is required to be achieved at 156.70, recording the highest level at 157.43.
On the technical side today, we expect a bearish bias in the coming hours, based on the stability of the intraday trading below the resistance level of 157.50 accompanied by negative signs that started to appear on the stochastic indicator.
Confirmation of breaking 156.90 facilitates the task required to visit 156.00, a first target, then 155.70, and losses may extend later to visit 155.30, as long as trading remains stable below the resistance level of 157.50.
The breach of the aforementioned resistance can thwart the bearish scenario, and we are witnessing a positive trading session, with its initial targets located around 157.80 and extending towards 158.40.
| S1: 155.70 | R1: 157.80 |
| S2: 154.45 | R2: 158.70 |
| S3: 153.65 | R3: 159.95 |
