FX.co ★ GBP/JPY technical levels and trading recommendations for May 2, 2013

Overview

The H4 chart for today demonstrates that the pair is stabilizing below the resistance level at 151.70 and moving above the downward trend line as shown, which almost cancels yesterday's bullish scenario. Then the pair must meet a strong support level at 150.50 which needs to be broken to continue the bearish movement, and in this case it will be a good opportunity for more bearish signals.

The second scenario will be a reversal move in the case of the pair's rebound either from that downward trend line or the support level at 150.50 which means strong bullish signals with the first target at 151.50 and then 152.50 as the second target, but the case of closing 4H above the support level at 150.50 cancels the second scenario.

Resistance and support levels:

R3 (154.00) R2 (153.20) R1 (151.70) S1 (150.50) S2 (149.50) S3 (148.50)