GBP JPY attempts to decline 16/4/2013

The correctional bias effect continued yesterday, and the price reached 146.30, to bounce above 38.2% Fibonacci level around 148.75, thus, we expect resuming the decline to hit 145.45 as the target for bearish trading, conditioned by stability below 150.60

Stochastic keeps moving around 20 to support the intraday negativity as shown in the image, noting that holding above 141.50 supports the trading stability within the upside channel.

Expected trading range is between 150.50 and 145.45

Expected trend for today: Bearish