GBP JPY in sideways range 25/2/2013

The pair was trading recently in tight range within the bearish channel that appears in the chart to limit the price between the top level of the channel at 143.00 and 23.6% Fibonacci around 141.10

In general, we are continuing in our negative overview which will be achieved by holding below the moving average to reach 141.10 and followed by 139.30.

We notice that Stochastic is stable below 50 level which supports the expected negativity on the pair’s trading during the near period.

Expected trading range is between 141.00 and 143.80

Expected trend: bearish