FX.co ★ GBP/JPY technical levels and trading recommendations for September 02, 2013

Overview

From the today's H4 chart, we find that the pair opened this week above the Support level 152.30 and below the Resistance level 153.90. Currently it is testing the Resistance level 154.50 to continue its bullish trend. Given that the pair continues its bullish movement and closes 4H above the Resistance level, it would be another opportunity for more bullish signals with first target few pips below the Resistance level 155.00, then we should wait for breaking above this Resistance level to get more bullish signals towards the Resistance level 155.40 as the second target. But as long as the price is trading below the Resistance level 154.50 and cannot break it through, this cancels the bullish scenario.

Resistance and support levels: R3 (155.40) R2 (155.00) R1 (154.50), S1 (153.90), S2 (153.00), S3 (152.30).