FX.co ★ GBP/JPY technical levels and trading recommendations for September 30, 2013

Overview

As shown in today's H4 chart, this week the pair has opened below the Resistance level of 159.00, which means the pair will almost reverse its bullish move this week, it takes a downward move. Today the pair has already started its downward move and hits the Support level of 157.45. Currently, the pair is trading above the Support level of 158.20. Therefore, we should stop selling now till breaking this Support level and closing 4H below it. In that case the pair continues its downward move and open the way towards the next Support level of 157.45 to continue its bearish scenario, so we can suppose our first target few pips above this level.

Resistance and support levels: R3 (160.40), R2 (160.00), R1(159.00), S1 (158.20), S2 (157.45), S3 (156.75).