GBP JPY bounces from the resistance 4/12/2013

By the above chart we notice the stability of the resistance level against the trading rise, which makes the price form a bearish wave after it failed to breach the resistance, which supports forming a correctional bearish bias to expect the price attempt to achieve 166.10 then 164.60 if the resistance level remains intact.

Stochastic remains stable in the overbought level, and that supports the sideways trading until the price moves in its expected correctional track.

Expected trading range is between 168.70 and 166.10 

Expected trend for today: bearish