GBP JPY needs new momentum 26/8/2013

The pair failed to settle above 154.25 to notice providing intraday bearish bias which allows the price to settle around 153.40 since the morning trading, and to resume the expected positivity, we need a new positive momentum that supports breaching 154.25 to achieve the suggested target around 155.40 in the upcoming period.

In general, the stability of 152.75 -which represents an initial support level for the current trading- supports the domination of the bullish bias in the near and medium period; and we notice that Stochastic attempts to get rid of the overbought level in order to achieve the expected positivity 

Expected trading range is between 152.80 and 154.20

Expected trend for today: bullish