FX.co ★ GBP/JPY technical levels and trading recommendations for May 8, 2013

Overview:

As it was expected yesterday, the price's closing 4H below the support level of 154.00 would give a new opportunity for more bearish signals, today and as shown, the price has already broken 154.00 and now is trading below the support level of 153.20 and closing below this level again may give us more sell signals till the price tests the support level of 151.70, so we can consider our first target few pips above this support level then 150.50 as the second level. But we should wait for breaking 153.20 and closing 4H below before making a decision. But the price's closing above the support level of 153.20 cancels the bearish move scenario.

Resistance and support levels: R3 (155.00) R2 (154.00) R1 (153.20) S1 (151.70) S2 (150.50) S3 (149.50)