GBP/JPY Weekly Technical Report 18-22/11/2013

The pair settled last week above the ascending channel's resistance shown on graph, offering new positive signals supporting the uptrend. We can notice the slight downside bias with the kick-start of trading this week due to negativity on momentum indicators which might trigger temporary downside correction. In general, the bullish outlook remains likely this week targeting areas above 162.00 towards 165.95 which in turn requires stability above 160.85 and most importantly above 159.95.