FX.co ★ GBP/JPY technical levels and trading recommendations for November 22, 2013

Overview

Today, as it is shown in the H4 chart, the pair has taken an upward move after its rebound from the lower limit of its bullish channel yesterday. Currently, the pair is testing the strong Resistance area of the upper boundary of the bullish channel with the Resistance level of 164.00, which means that downward move would be expected. Therefore, we should wait for the current H4 candle's closing below this Resistance area before decision making. But in case the pair manages to break this Resistance area and close 4H above it, so more bullish move would be suggested till reaching the Resistance level of 164.45.

Resistance and Support levels: R3 (165.00), R2(164.45), R1(164.00), S1 (163.25), S2 (162.60), S3(162.00).