FX.co ★ GBP/JPY technical levels and trading recommendations for October 22, 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 158.70 after it was tested yesterday. Today the pair took an upward movement and has managed to break the strong resistance area 158.70 then 159.00 keeping its move above the upward trend line, but immediately it bounced again from the Resistance level 159.00 and couldn't break it through 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 150.90, hence we should wait for more confirmations before making the decision.

Resistance and support levels: R3 (159.90) R2 (159.00) R1 (158.70), S1 (158.00), S2 (157.15) S3(156.70)