GBP JPY achieves clear losses 15/4/2013

The pair achieved solid bearish bias after failing to breach above the resistance level 153.10 to notice achieving big losses by visiting 149.40 in Friday’s closing, therefore we expect the continuation of the trading below the previous resistance level, which led the price to be effected by a fluctuating bias between the resistance and the retesting level around 145.88

The neutrality is recommended in today’s trading due to the sensitivity of the open range for the pair’s trading, where Stochastic forms a solid rally from the overbought level to 80 level as appears in the above chart.

Expected trading range is between 151.00 and 147.40

Expected trend: neutrality is recommended