GBP JPY is above the support 31/12/2013

The pair remains stable in a positive level by keeping the stability of the support level near 172.40, keeping the bullish expectations valid for the upcoming period until achieving 175.10 which represents the initial target for the bullish bias in the near and medium period.

We notice Stochastic attempt to get rid of the overbought level, which pushes the price to form sideways bias in the near period until gathering new bullish momentum that supports achieving the waited target around 175.10

Expected trading range is between 172.40 and 174.60

Expected trend for today: bullish