GBP JPY achieves the negativity 28/3/2013

The pair achieved the first target in yesterday’s trading hitting 142.00, to settle generally below the moving average which supports the expected negative overview in our previous report.

We remain in our expectation of achieving 141.80 which breaking below it makes the main target around 140.90 which represents 38.2%Fibonacci, but a four hours candle stick close below 50% Fibonacci at 141.85 is conditioned.

We should mention that in case failing to break below 141.85 the price will fluctuate between the moving average at 143.30 and 141.85.

Expected trading range is between 143.30 and 141.00

Expected trend: bearish