FX.co ★ GBP/JPY technical levels and trading recommendations for May 06, 2013

Overview

According to last week's expectation, the pair took a bullish move after closing 4H above the Resistance level 153.20 which gave the price the opportunity to break the Resistance level 154.00 as well. Currently the price is still trading above this Resistance level but more bullish signals are still expected as long as the pair cannot close 4H below it and stabilizes above it. But the other scenario would be closing below this Support level and in that case it may be a new opportunity for bearish signals till reaching 153.45 as first target. But of course the price’s stabilization above the Support level 154.00 cancels this second scenario.

Resistance and support levels: R2 (156.00) R1 (156.55) S1 (154.00) S2 (153.20) S3 (151.70)