GBP JPY fluctuates inside the channel 21/1/2013

The pair remained stable positively in last week trading by achieving the first target around 144.50 to return forming a correctional wave to settle because of it inside the bullish channel as shown in the enclosed image.

The continuation of the fluctuation inside the channel is expected if the support level held around 140.90 which is acting as the moving average level, with being aware that breaking this level makes the price reach 139.85 which is represented 23.6% Fibonacci.

Expected trading range is between 140.90 and 144.50

Expected trend: bullish if the support level remained intact.