GBP JPY hits new level 12/4/2013

The pair touched 153.90 yesterday approaching from the waited target at 154.10, to notice the effect of negative wave since morning and settle around 152.70

In general, 152.20 level remains acting as an obstacle against the price decline, thus, we expect some fluctuations today to be limited again between 152.20 and 38.2% Fibonacci level at 154.10, and we notice stochastic decline from 80 level, which supports the expected fluctuations, therefore, we continue to expect positivity as long as the mentioned support remained intact.

Expected trading range is between 152.00 and 154.10

Expected trend for today: Bullish