GBP JPY is negative 23/1/2013

The pair manages to surpass the support level 140.90 to achieve a negative level use to reach 23.6% Fibonacci at 139.85 to settle at this level attempting to achieve more negativity.

By the chart, we notice a formation of a double top pattern, which was accomplished by breaking 139.90 to make us expect more negativity to reach 137.50, but we must be aware that 23.6%Fibonacci is acting as an obstacle against moving to the downside since morning’s trading, while breaking this level is required to achieve the suggested target.

Expected trading range is between 140.90 and 137.50

Expected trend: bearish