GBP JPY stands in sideways range 23/12/2013

In spite of the stability of the resistance against the pair’s trading recently, but we notice that the trading is stable without achieving any negative level until this moment, in general, the stability of the resistance level around 171.65 pushes us to expect bearish bias in the upcoming period, which allows the price to begin achieving 167.65 reaching to 165.70 as negative targets for the correctional bearish bias.

We notice the continuation of Stochastic attempt to settle around 80 level which make the expected contradiction between the indicators continues and keep the sideways bias dominating until getting the required negative momentum in the upcoming period.

Expected trading range is between 171.00 and 167.70

Expected trend for today: bearish