FX.co ★ GBP/JPY technical levels and trading recommendations for September 04, 2013

Overview

According to the today's H4 chart and as it was expected yesterday, the pair might take new bullish signals in case of closing 4H above the Resistance level of 155.00 after it was tested yesterday. Today, the pair took an upward movement and has managed to break the strong resistance area at 154.50 then 155.00, but immediately it bounced again from the Resistance level 155.50 to reverse its upward direction and currently the price is trading below the resistance level. More bullish signals are still expected in case of closing above this resistance level again with first target few pips below the resistance level of 156.10, hence we should wait for more confirmations before making the decision.

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