GBP JPY fails to achieve more 23/4/2013

The pair failed to breach above 142.50 to achieve its last target around 153.80, to witness forming bearish wave since yesterday’s trading to settle around the initial support at 150.20.

The continuation of the price pressure on the initial support level increases the chances for the break which makes the price move in a bearish bias to hit 148.20 and followed by 146.80, thus we recommend monitoring the price behavior around the critical support 150.20 to reach the true bias for today.

Stochastic is attempting to surpass the overbought level, but it remains within the bullish bias by settling above 50 level.

Expected trading range is between 150.20 and 152.20, but incase the break was achieved, the range will be between 148.90 and 151.00

Expected trend: neutral