GBP JPY negotiates the moving average 20/3/2013

The price moves in tight range since yesterday to settle above the moving average at 143.00 and notice the price stability within a bullish channel that it’s support line meets the moving average

If the trading was stable above the support line, we expect the price to regain it’s positive bias to reach 144.65 followed by 147.05, but we need to be aware that stochastic is trading negatively around 20 level, which provides negative signals now, thus, we keep our positive overview as long as the support line remained intact, while breaking below this level will push the price trade negatively around 140.80

Expected trading range is between 142.90 and 144.60

Expected trend for today: Bullish