GBP/JPY Weekly Technical Report 5-9/8/2013

GBP/JPY is slightly biased to the downside, retesting the previous breached resistance –turned into support- at 150.50. Stability above the mentioned 150.50 keeps the positive outlook valid targeting initially 153.45 areas. Momentum indicators are pushing the pair lower and a confirmed breakout below 150.50 will push the pair lower targeting 148.75 and most importantly 147.65.

**Trading range expected this week is between the main support at 148.75 and the main resistance 154.00.

**Short-term trend is upside targeting 163.00 if 147.65 remains intact.