GBP JPY settles above the moving average 18/4/2013

The pair offered bearish bias in yesterday’s trading hitting the initial support level around 148.0 facing the moving average which acts as an obstacle against resuming the expected bearish bias, therefore we expect the limitation between the support level and 151.00 to provide sideways bias until breaching one of the mentioned levels.

Carefully note that breaching above 151.00 will push the price towards 153.50, while breaking the initial support to the upside will be the main target around 145.60 and 142.10

Expected trading range is between 151.00 and 148.00

Expected trend: sideways until surpassing the mentioned levels.