FX.co ★ GBP/JPY technical levels and trading recommendations for October 23, 2013

Overview

From the today's H4 chart, yesterday's closing below the resistance level 159.50 gave the price an opportunity for a bearish move after specially after breaking the upward trend line. As shown here, currently the price is trying to continue its bearish move by breaking the support level 156.70 which is tested now. In that case, we may get another opportunity for more sell signals, and it opens the way towards 156.00, as first target, and then the price should test the support level 155.20 to continue its bearish move. But as long as the price stabilizes above the support level 156.70, it cancels the first scenario.

Resistance and support levels: R3 (159.50) R2 (158.70) R1 (158.00), S1 (156.70), S2 (156.00), S3 (155.20).