FX.co ★ GBP/JPY technical levels and trading recommendations for August 07, 2013

Overview

From the today's H4 chart, the pair failed to continue its bearish move and could not break the Support level of 148.50 and bounced from it to reverse its downward move taking an upward movement and managed to close above 148.50 then 149.40. Currently, the pair is approaching the Resistance level of 150.00 trying to break it through to continue the upward move. More bullish signals would be expected in case of closing 4H above this Resistance level with the first target few pips below the Resistance level of 150.70 then 151.30 as the second target.

Resistance and support levels: R3 (151.80), R2 (151.30), R1 (150.70), S1 (150.00), S2 (149.40), S3(148.50)