GBP JPY approaches the resistance 9/4/2013

The pair hit 151.95 level closing from the waited target at 152.20 which acts as a resistance against the current trading, and we notice the price steadiness in tight and sideways range since morning around 151.50, to be hesitant against the previous resistance.

152.20 level stability against trading will make us expect a profit gaining process to reach 150.25 as a first target followed by 149.30, supported by stochastic leaving the overbought area.

Note that any attempt to breach 152.20 level will push the price to form new bullish wave to make the 153.20 level as the main target.

Expected trading range is between 152.20 and 149.30

Expected trend: bearish, as long the resistance level remained intact.