FX.co ★ GBP/JPY technical levels and trading recommendations for June 6, 2013

Overview

As it was expected yesterday, the pair would reverse its downward move taking an upward move due to the Support area consists of the downward trend line with the Support level 152.50. Today and as shown from the H4 chart, the pair bounced from the Support area and currently is approaching the Resistance level 153.85 trying to break it through to continue its bullish move which means more buy-signals. There we should wait till the price closes above the Resistance level 153.85 before making the decision to have a bullish signals with the first target few pips below the next Resistance level 154.75 then 155.40 as the second target. But closing below the Resistance level 153.85 cancels the bullish move scenario.

Resistance and support levels: R3 (155.40) R2 (154.50) R1 (153.85), S1 (152.50), S2 (152.00)