GBP/JPY Weekly Morning Technical Report 12/12/2013
ecPulse
2013-12-12 07:59AM UTC
The pair resumed the negative pressure yesterday to stabilize at the ascending channel support. We can see the sideways trading pressuring the pair out of the channel, yet we cannot depend on the breakout to confirm extended bearishness since it was through tight sideways trading. On the other end, the sideways trading is in correction for the upside wave from 168.86 areas to gain new upside momentum. We will stay on the sidelines for now and observe trading around 167.75 and 168.45 for more confirmations.
**Trading range expected today is between the key support at 166.80 and key resistance 169.05
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