GBP JPY touches the extension of the resistance line 19/12/2013

The pair hit the extension of the main resistance which is located around 107.50 as appears in the above image affected by Stochastic positivity which is far away from 20 level, generally, we keep our previous expectation of the bearish bias domination if the current resistance level settled, which makes the price retry to achieve 165.50 in the upcoming period.

Carefully note that the price attempt to breach the resistance level will push the price to form good positive bias, which allows the price to achieve new positive level starting at 171.20 which will cancel our bearish correctional overview.

 Expected trading range is between 170.50 and 167.20

Expected trend for today: bearish if the resistance settled.