GBP JPY returns inside the bullish channel 19/3/2013

The pair moved higher after suffering major losses to breach above the broken bullish channel level as appears in the chart to contradict with our expectations for moving lower, where the stability again inside the bullish channel makes the possibility of resuming the positivity is preferred during the near trading.

The stability above the moving average which is supported by 23.6% Fibonacci supports the positivity during the near period to achieve 145.15.

Expected trading range is between 143.90 and 145.10

Expected trend: bullish if 143.90 remained intact.