FX.co ★ GBP/JPY technical levels and trading recommendations for September 19, 2013

Overview

From the today's H4 chart and as it was expected yesterday, the pair might take a new bullish signals in case of closing 4H above the resistance level 158.20 after it has been tested yesterday. Today the pair took an upward movement and managed to break the strong resistance area 159.00 keeping its movement inside the bullish channel. Currently, the price is testing the resistance level 160.00 trying to break it through to continue the bullish movement. More bullish signals are still expected in case of closing above this Resistance level with first target few pips below the resistance level 161.35, hence we should wait for more confirmations before making the decision.

Resistance and support levels: R3 (162.00) R2 (161.35) R1(161.00) S1 (159.00) S2 (158.20) S3 (157.45)