GBP JPY breaches with a price gap 17/12/2012

The pair hit 135.40 in Friday which formed a solid resistance against the bullish bias towards 134.23 to keep holding the bullish bias generally.

We noticed that the pair opened this week trading with a positive price gap to manage to get rid of the solid resistance at 135.40 achieving 136.37 as pointed in yellow in the enclosed chart.

Fluctuation is expected during the near period, therefore we recommend staying aside until being able to determine the right trend during the near and medium term.

Expected trading range is between 133.70 and 136.80

Expected general bias : neutral