FX.co ★ GBP/JPY technical levels and trading recommendations for May 09, 2013

Overview

As shown the pair is still trading between the support level 153.20 and the resistance level 154.00 after it failed again to break the support level and currently is approaching the resistance level 154.00, so we should wait for testing this level and closing 4H above. In this case we will get a good opportunity to buy above the resistance level 154.00. Then we should wait for breaking this resistance level to continue the upward move and open the way towards the resistance level of 155.00 as a first target. On the other hand, if the pair failed to break the resistance level 154.00 and bounces from it, it may take a downward trend, which will enable the support level of 153.20. Then we should wait for breaking this support level in order to get new bearish signals.Therefore, we should wait for more confirmations before making the decision.

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