FX.co ★ GBP/JPY technical levels and trading recommendations for July 9, 2013

Overview:

From the today's H4 chart, yesterday's closing below the resistance level 150.80 gives the price an opportunity for a bearish move. As shown here, currently the price is trying to continue its bearish move by breaking the support level 150.00 and closing 4h below. In that case, we may get another opportunity for more sell signals, and it opens the way towards 149.35, as first target, and then the price should test the support level 149.00 to continue its bearish move. But as long as the price stabilizes above the support level 150.00, 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).