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

Overview

According to the today's H4 chart, yesterday's breaking the Support level of 156.75 gave the price an opportunity to make a bearish move after closing below it. As shown here, currently the price is trying to continue its bearish move and is approaching support level of 155.75 to test it. In that case we may get another opportunity for more sell signals, which will open the way towards 150.00 as the first target. Then the price should test the support level of 155.00 to continue its bearish move. But as long as the price stabilizes above the support level of 155.75, it cancels the first scenario.

Resistance and support levels: R3 (157.45) R2 (156.75) R1 (156.45), S1 (155.75), S2 (155.00), S3 (154.60).