GBP/JPY technical levels and trading recommendations for April 17, 2013
April 17, 2013 3:15 pm
Overview
Proceeding from the today’s H4 chart, the pair takes a slightly downward move after its rebound from the Resistance level 150.50 and now is testing the Support level 148.80. Given that the pair continues its downward trend and manages to break the Support level 148.80 and closes 4H below, we will get a good opportunity to sell again below the Support level till it reaches the Support level of 147.90 as the target level. Then we should wait for breaking this Support level to continue the downward move and open the way towards the Support level of 147.15. On the other hand, if the pair fails to break the Support level of 148.80 and bounces from it, it may reverse the bearish move taking an upward move, which will enable the Resistance level of 150.50. Then we should wait for breaking this Resistance level in order to get new bearish signals. In case the pair is able to break the Resistance level and closes 4H above, we will get a bullish strength providing new buy signals which will enable the Resistance level of 151.70 as a target level. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level of 148.80 is unbroken, the upward move is still expected invalidating the bearish outlook. Therefore, we should wait for more confirmations before making the decision.
Resistance and Support levels R3 (152.60) R2 (151.70) R1 (150.50) S1 (148.80) S2 (147.90) S3 (147.15)
The material has been provided by InstaForex Company – www.instaforex.com
Overview
Proceeding from the today’s H4 chart, the pair takes a slightly downward move after its rebound from the Resistance level 150.50 and now is testing the Support level 148.80. Given that the pair continues its downward trend and manages to break the Support level 148.80 and closes 4H below, we will get a good opportunity to sell again below the Support level till it reaches the Support level of 147.90 as the target level. Then we should wait for breaking this Support level to continue the downward move and open the way towards the Support level of 147.15. On the other hand, if the pair fails to break the Support level of 148.80 and bounces from it, it may reverse the bearish move taking an upward move, which will enable the Resistance level of 150.50. Then we should wait for breaking this Resistance level in order to get new bearish signals. In case the pair is able to break the Resistance level and closes 4H above, we will get a bullish strength providing new buy signals which will enable the Resistance level of 151.70 as a target level. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level of 148.80 is unbroken, the upward move is still expected invalidating the bearish outlook. Therefore, we should wait for more confirmations before making the decision.
Resistance and Support levels R3 (152.60) R2 (151.70) R1 (150.50) S1 (148.80) S2 (147.90) S3 (147.15)
The material has been provided by InstaForex Company – www.instaforex.com
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