Pound Stronger Against Yen

The British Pound managed to post strong gains against its Japanese counterpart, as we expected, to reach the first target at 137.20 and record the last session’s high of 137.42.

The pair continues to the positive above the 136.40 support level, with positive signs from the 50-day moving average.

Therefore, we maintain our positive outlook towards the third target mentioned in the previous analysis, 137.75 followed by 138.20.

This scenario still intact only in case the price remains above 136.40, and breaking this level will halt the upside bias and push the pair to the downside, with an initial target of 135.50

S1: 136.40	R1: 137.75
S2: 135.50	R2: 138.25
S3: 135.00	R3: 139.10