GBP JPY leans on the support line 26/4/2013

The pair remains trading with bullish bias by settling above the moving average 55 which is supported by the initial support line at 151.80 as shown in the image, thus, our bullish overview remains valid to reach 153.80 followed by 155.00

In general, trading stability above 150.00 –which represents the main support- allows us to continue with the bullish expectations in the near and medium term, noticing stochastic decline below 50 level, which makes trading goes in sideways range until gaining new positive momentum to reach the previously expected levels.

Expected trading range is between 151.60 and 153.70

Expected trend for today: Bullish