GBP JPY remains inside the channel 12/2/2013

The pair’s trading formed a bearish bias yesterday to make the price approaches from the bullish channel support at 145.80, to notice a formation of a bullish wave since morning assists in achieving 147.07, therefore we are holding the bullish bias in the near and medium period as long as the support remained stable to achieve 148.00 followed by 148.80.

Stochastic supports the positive overview by moving to the upside reaching 80 level as appears in the above chart.

Expected trading range is between 145.80 and 148.00

Expected trend: bullish.