FX.co ★ GBP/JPY technical levels and trading recommendations for May 03, 2013

Overview

According to our yesterday's expectations, the pair trades above the downward trend line, so the bullish move would be expected in case it closes 4H above. Actually,, the price took a bullish move and managed to break the strong resistance level 151.70, but rapidly it bounced again due to the resistance level 153.20.Today, the price may continue its bullish move as long as it stabilizes above the downward trend line and the support level 151.70 as well, which is to give us more bullish signals till the price test the resistance level 153.20 again. So we should wait for closing the current 4h candle before making the decsion .

Resistance and support levels: R2 (154.00) R1 (153.20) S1 (151.70) S2 (150.50) S3 (149.50)