GBP JPY regains some momentum 17/4/2013

The pair traded positively yesterday touching 151.00, to keep the trading settled below the resistance line, which makes us take the correctional bias in the near term to reach 147.50 level, and we should be aware of the possibility of settling in sideways range in case 149.00 remained intact, which acts as an obstacle against the price decline as shown in the image.

Stochastic settles below 50 level without breaching 20 level until now, which supports the expected bearish bias for today.

Expected trading range is between 151.30 and 148.00

Expected trend for today: Bearish