FX.co ★ GBP/JPY technical levels and trading recommendations for August 19, 2013

Overview

As it was expected last week, more bullish signals would be expected in case of closing above the Resistance area 152.50-152.90 which is keeping its movement inside its bullish channel. Today, as it is shown in the H4 chart, the pair has already managed to break the Resistance level and close 4H above it. Currently, the pair is approaching the Resistance level of 153.75 trying to break it through to continue the upward move. More bullish signals would be expected in case of closing 4H above this Resistance level with first target few pips below the Resistance level of 154.30 then 152.75 as the second target.

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