FX.co ★ GBP/JPY technical levels and trading recommendations for November 20, 2013

Overview

In today's H4 chart and as it was expected yesterday, we should wait for breaking the Resistance level of 161.40 before making the decision to continue the bullish move. Today and as shown in the H4 chart, the pair failed to break this Resistance level and yesterday it failed to break it as well to reverse its bullish move taking a slightly bearish move towards the Support level of 160.50 as shown. Currently, we have to wait for testing the Support level of 160.50 to break it through and continue its bearish move. If the pair manages to break this Support level and closes 4H below, it would be another good opportunity for more sell signals till reaching the Support level of 160.00 as the first target.

Resistance and Support levels: R3 (162.30), R2 (162.00), R1 (161.40), S1 (160.50), S2 (160.00), S3 (159.50)