FX.co ★ GBP/JPY technical levels and trading recommendations for December 03 , 2013

Overview

From today's H4 chart, yesterday's closing below the resistance level 169.25 and the upper boundary of the bullish channel gave the price an opportunity for a bearish move. As shown here, the price is trying to continue its bearish move currently but it will hit the strong Support area of the Support level 167.40 with the lower boundary of the bullish channel trying to break it through. In that case, we may get another opportunity for more sell signals, and it opens the way towards 166.25, as first target, and then the price should test the support level 165.30 to continue its bearish move. But as long as the price stabilizes above the support level 167.40, it cancels the first scenario.

Resistance and support levels: R3 (169.90) R2 (169.25) R1 (168.60), S1 (167.40), S2 (166.25), S3 (165.30).