FX.co ★ GBP/JPY technical levels and trading recommendations for May 01, 2013

Overview

The today's H4 chart demonstrates that the metal is still keeping its stabilization above the support level 23.90 and failed again to break it through yesterday and in that case we should wait, the first scenario will be breaking that support level, hence open the way towards the support level 23.00 which means a good opportunity for the bearish signals, then we should wait for breaking this support level to continue the downward move.

The other scenario will be the metal's rebound from the support level to reverse its bearish move taking a new bullish signals till reaching the resistance level 25.00 then breaking this resistance level open the way towards the resistance level 25.50 which means more of bullish signals, but breaking the support level 23.90 cancels this second scenario.

Resistance and support levels R3 (26.10) R2 (25.50) R1 (25.00) S1 (23.90) S2 (23.00) S3 (22.50)