GBP JPY is below the moving average 27/5/2013

In spite of the price rebound from 23.6% Fibonacci in Friday’s trading, but it faced the moving average level around 154.20 to return to settle around the initial support level 152.20 waiting for breaking this level to reach the second target around 150.90 then 149.40

Stochastic failed to break 20 level to reach the oversold level, which supports the stability within the bearish bias in the near period, but we need to break Fibonacci current level otherwise the price will settle in sideways range until achieving the required break.

Expected trading range is between 153.30 and 151.00

Expected trend: bearish