FX.co ★ GBP/JPY technical levels and trading recommendations for August 15, 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. Currently, the pair is testing the strong Resistance area of the upward trend line with the Resistance level of 152.50, 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 the bullish move which cancels the first scenario will be suggested.

Resistance and Support levels: R3 (153.75) R2(152.90) R1(152.50), S1 (151.20) S2 (150.60) S3(150.00)