GBP/JPY Weekly Technical Report 3-7/6/2013

The GBPJPY is failing to maintain a directional bias, moving sideways within the recent consolidation rectangle, above 152.00 and below 155.00 key support and resistance levels. A break below 152.00 is needed to suggest a continuation of the correctional bearish wave, opening the door for a deeper correction to the 50-days SMA around 151.00 and possible 148.00 key major support. Overall, we have a neutral bias for the pair this week, as long as within the aforementioned trading range.

** Short term ( Less than three months)

** Chart is based on GMT+2 timing

Notes: 

*if price reaches more than 80% of target before triggering entry, signal is canceled and not valid anymore.

*Allow for +,- 5 points margin