GBP JPY is limited in negative level 3/6/2013

The pair provides sideways bias to limit the trading between the moving average 55 around 153.65 which represents the minor bearish channel resistance and 23.6% Fibonacci at 152.20 which makes us continue in the bearish overview to visit 150.90 then 149.50.

Stochastic settles below 50 level attempting to gain new negative momentum to visit the previously mentioned levels, where the main condition to achieve the suggested target is providing a close below 152.20, otherwise the price will keep providing tight sideways bias.

Expected trading range is between 153.00 and 150.90

Expected trend for today: bearish