FX.co ★ GBP/JPY technical levels and trading recommendations for October 02, 2013

Overview

From the shown H4 chart, Today the pair failed more than once to break the Support area consisting of the upward trend line with the Support level 157.70 and is still trading above it since yesterday. In case of the pair bounced from this Support area again and started to take an upward move approaching the Resistance level 158.50, it is prefered to wait till closing above this Resistance level before making the decision and in this case we will get more bullish signals with the first target few pips below the next Resistance level 159.15 then 160.00 as the second target. But closing below the Resistance level 158.50 cancels the bullish move scenario.

Resistance and support levels: R3 (160.00) R2 (159.15) R1 (158.50), S1 (157.70), S2 (157.30)