The GBP/JPY is respecting the round number levels

On the 4 hour chart below of the GBP/JPY we can clearly see how the pair has made some very good bounces from the round number and psychological levels. Due to the fact that most traders place their entry or exit orders around these round number levels, these zones tend to act pretty well as support and resistance areas where the price bounces or changes direction.

The last bounce that the pair did was from the 174.00 level to the upside, which made it go back to its previous consolidation zone. We must be attentive to a possible visit to the 175.00 level, because the price may try to bounce from there to the downside. We could also see another visit to the 174.00 level, but as the price visits more times the same level, the probabilities of a breakout rise.