Higher timeframe momentum is bullish.
However, price is hovering around the fresh 150.400 supply level. Should price reverse from the bullish trend, this would be an indication of bears looking to take over. A break of the ascending trendline and a retest at the 149.65 level would signal a push to the downside. Target 1: 149.000 ; Target 2: 147.400.
However, a break above the descending line (arrow) would indicate that the bulls are resisting to lose steam. A retest after the break of the descending line at the 150.030 would signal a further extension of the Pound gains against the Yen and present potential long positions. Target: 150.750
However, price is hovering around the fresh 150.400 supply level. Should price reverse from the bullish trend, this would be an indication of bears looking to take over. A break of the ascending trendline and a retest at the 149.65 level would signal a push to the downside. Target 1: 149.000 ; Target 2: 147.400.
However, a break above the descending line (arrow) would indicate that the bulls are resisting to lose steam. A retest after the break of the descending line at the 150.030 would signal a further extension of the Pound gains against the Yen and present potential long positions. Target: 150.750