GBP/JPY Weekly Technical Report 23-27/9/2013
ecPulse
2013-09-23 07:27AM UTC
The GBP/JPY pair opened the weekly trading with a downside bias below the bullish channel's resistance, whereas the price settles above 158.50. Also, Stochastic is in oversold areas, encouraging us to maintain uptrend forecast, bolstered by the Moving Average 50. Note that breaching 159.65 is required in order for the price to head to areas of 160.00 then 161.00 as primary targets of the uptrend.
**Trading range expected this week is between the main support at 157.95 and the main resistance 162.00
**Short-term trend is to the upside, targeting 163.00 if 147.65 remains intact
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