FX.co ★ GBP/JPY technical levels and trading recommendations for May 14, 2013

Overview

Like it was expected yesterday, as long as the price is reading inside its bullish channel and below its upper limit so the bearish move would be expected. Today and as shown from the today's H4 chart the pair already took a bearish move and also managed to break the Support level 155.80 yesterday. Currently the pair is testing a strong Support area which consists of the lower boundary of the bullish channel and the Support level 154.75 as well. The bearish would be strongly expected in case of breaking this Support area and closing 4H below with tp1 few pips above the Support level 153.80. But presently we recommed waiting for breaking the Support area before making the decision.

Resistance and support levels: R2 (156.75) R1(155.80) S1 (154.75) S2 (153.80)