GBP JPY is affected by Stochastic 23/9/2013

The pair failed to resume the positivity recently to settle below 160.00 which represents an initial resistance level against the trading to notice the stability around 158.75 since this morning affected by Stochastic decline from the overbought level.

In general, the price remains affected by the bullish bias if 156.80 settled as an initial support level, which makes us still waiting for the positive momentum to achieve 163.70 as a main positive target in the upcoming period.

Expected trading range is between 157.70 and 160.40

Expected trend: bullish