The Pound is Making Significant Gains Against The Yen

A noticeable rally for the British pound against the Japanese yen after finding a solid support floor around the 151.20 level. On the technical side today, and by looking at the 60-minute chart, we find the 50-day moving average that supports the bullish curve, and this comes in conjunction with the positive signals coming from the RSI and its stability above the 50 mid-line.

Therefore, the bullish bias is more likely today, targeting 153.75 first target, taking into consideration that breaching the mentioned level increases the chances of a rise towards 154.10.

On the downside, the return of stability below 152.50 is able to thwart the suggested scenario, and we may witness a bearish bias, with its initial target of 151.80.

S1: 151.80	R1: 153.75
S2: 150.50	R2: 154.45
S3: 149.80	R3: 155.75