GBPJPY creates correctional wave 26/11/2012

The pair continued in the bullish bias recently to achieve significant part of the expected targets, but it begins forming a correction wave as we mentioned in our previous report to decline towards 131.15 

The bullish bias remains generally stable around the main support around 124.60 to expect more bullishness during the near period reaching to 133.60 which is acting as the main resistance for the bullish channel for today.

Stochastic attempts to get rid of the overbought level which assists in creating the expected correction wave.

Expected trading range between: 130.80 and 132.80

Expected trend for this week: Bullish