GBP JPY settles negatively 5/6/2013

The pair failed to settle around the moving average 55 at 153.65, to return to provide negative bias since the morning trading recording 152.35, thus we remain in our bearish trend if 153.65 settled to achieve 159.90 as an initial target for the bearish trading.

We notice that Stochastic returned to settle below 50 level supporting the bearish bias by gaining negative momentum as appears in the above chart.

Expected trading range is between 153.40 and 150.90

Expected trend for today: bearish