FX.co ★ GBP/JPY technical levels and trading recommendations for July 10, 2013

Overview

As it was expected yesterday, the price's closing 4H below the support level of 150.00 would give a new opportunity for more bearish signals, today and as shown, the price has already broken 150.00 and now is trading below the support level of 149.35 and closing below this level again may give us more sell signals till the price tests the support level of 148.85, so we can consider our first target few pips above this support level then 148.50 as the second level. But we should wait for breaking 148.85 and closing 4H below before making a decision. But the price's closing above the support level of 149.35 cancels the bearish move scenario.

Resistance and support levels: R3 (152.00) R2 (150.80) R1 (150.00) S1 (149.35) S2 (148.85) S3 (148.50)