GBP JPY opens negatively 18/3/2013

The pair hit 145.85  in Friday trading to settle below this level settling within the bullish channel, and since morning we noticed that the pair is affected by a bearish bias that led it to break below the support level at 143.56 to settle negatively reaching 142.20

The continuation of the trading below the broken support makes the price remain negative to achieve 141.80, with a potential retesting for the broken level, and in general, the trading below the moving average 55 besides the stability of Stochastic below 50 level makes us expect the continuation of the negative effect during the near and medium period.

Expected trading range is between 143.60 and 141.80

Expected trend: bearish