FX.co ★ GBP/JPY technical levels and trading recommendations for July 03, 2013

Overview

According to the today's H4 chart, yesterday's closing below the resistance level of 152.00 gave the price an opportunity to make a bearish move after it has failed to break it through. As shown here, currently the price is trying to continue its bearish move and is approaching support level 150.80. In that case we may get another opportunity for more sell signals which will open the way towards 150.00 as the first target. Then the price should test the support level of 149.35 to continue its bearish move. But as long as the price stabilizes above the support level 150.80, it cancels the first scenario.

Resistance and support levels: R3 (153.15) R2 (152.40) R1 (152.00), S1 (150.80), S2 (150.00), S3 (149.35).