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17.09.201316:19 Forex Analysis & Reviews: GBP/JPY technical levels and trading recommendations for September 17, 2013

Long-term review

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Overview

In H4 chart, the pair failed more than once to break the Support area consisting of the lower limit of the bullish channel with the Support level of 157.45 and has been trading above it since yesterday. In today's H4 chart the pair bounced from the Support area again to continue its upward trend approaching the Resistance level of 158.20. Currently, it is prefered to wait for 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 of 159.20 then 159.45 as the second target. But closing below the Resistance level of 157.45 cancels the bullish move scenario.

Resistance and support levels: R3 (159.45), R2 (159.00), R1 (158.20), S1 (157.45), S2 (156.70), S3 (156.00).

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