FX.co ★ GBP/JPY technical levels and trading recommendations for November 4, 2013

Overview

Today's H4 chart shows that the pair might take a new bullish signal after it opened above 156.70 level with the beginning of the current week, as it was expected. Today the pair took an upward movement approaching the resistance level of 158.00 trying to break it through to continue the bullish trend. Currently, the quote is trading below the resistance level of 158.00 till that moment. More bullish signals are still expected in case of closing above this resistance level with the first target placed few pips below the resistance level of 158.70, hence we should wait for more signals before making the decision.

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