Positive Pound Against Yen With Attempts to Gain Momentum

The British Pound started the week on strong foot against the Japanese Yen built on the support of 135.90.

Technically, we tend to be positive, relying on the positive crossover signals for Stochastic, in addition to the pair’s continued attempts to gain some bullish momentum.

We will maintain our positive forecast towards the first target of the previous report at 136.90, followed by 137.20, noting that confirming the breach of this last strengthens the chances of a rally to 137.80.

To the downside, continuing trading below 135.90 will negate the bullish bias scenario and lead the pair to the downside towards the first target of 135.20 and extend to 134.50.

S1: 135.50	R1: 137.20
S2: 134.45	R2: 137.80
S3: 133.80	R3: 138.80