GBP JPY leans on the support line 10/7/2013

The pair failed to show positive bias by holding below 150.80 as a resistance line, to turn back to lean on the upside channel’s support line around 150.00 as shown in the above image, thus, we continue to expect the positive actions until now, as long as the mentioned support remains intact, while in case the price succeeded to break this line, a new negative scenario will dominate the trading to reach negative level around 148.10 followed by 140.00

Stochastic settles negatively below 50 level to support the contradiction with the main upside bias, and there’s chances to break the support line, therefore, we recommend monitoring the price behavior around the support line to confirm the true trend in the upcoming period.

Expected trading range is between: 150.80 and 149.10 

Expected trend for today: neutral