FX.co ★ GBP/JPY technical levels and trading recommendations for October 21, 2013

Overview

Today's H4 chart shows that the pair opened this week above the support level of 157.80 and below the resistance level of 158.30. Currently, it is testing the resistance level of 158.80 after closing above 158.30 yesterday 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 the first target few pips below the resistance level of 159.40, then we should wait for breaking above this resistance level to get more bullish signals towards the resistance level of 160.00, as the second target. But as long as the price is trading below the resistance level of 158.80 and cannot break it through, this cancels the bullish scenario.

Resistance and support levels: R3 (159.40), R2 (158.80), R1 (158.30), S1 (157.80), S2 (156.80), S3(156.00).