GBP JPY affected by stochastic negativity 5/7/2013

The pair recorded 150.40 since morning affected by stochastic negativity which is looking for new positive momentum to support the recently dominant bullish bias, and we should mentioned that the bullish bias remains valid conditioned by holding above the upside channel’s support at 149.50 which meets the moving average 55.

The stability of the channel’s support solidifies the bullish bias to reach 153.00 level again, while attempting to break this support will push the price to form negative wave.

Expected trading range is between: 149.50 and 152.50

Expected trend for today: Bullish