GBP/JPY technical levels and trading recommendations for April 29, 2013
April 29, 2013 4:15 pm
Overview
Proceeding from the today’s H4 chart, the pair took a downward trend last week but it closed 4H above the Support level 151.70 which is tested right now. Currently the pair is trading between the Support level 151.70 and the Resistance level 153.20 and the upward trend line as well. If the pair bounces from this Resistance level and closes 4H above, it may continue its bullish trend and we will get a good opportunity to buy again till it reaches the Resistance level 153.20 and closes 4H above as a level target. Then we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 154.00. On the other hand, if the pair manages to break the Support level 151.70 and closes 4H below it, it may take a downward trend which will enable the Support level of 150.50. Then we should wait for breaking this Support level in order to get new bearish signals. In case the pair is able to break the Support level and closes 4H below, we will get a bearish strength providing new sell signals which will enable the Support level of 149.50 as a target level. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level 153.20 is unbroken, the downward move is still expected invalidating the bullish outlook. Therefore, we should wait for more confirmations before making the decision.
Resistance and Support levels R3 (154.60) R2 (154.00) R1 (153.20) S1 (151.70) S2 (150.50) S3 (148.50)
The material has been provided by InstaForex Company – www.instaforex.com
Overview
Proceeding from the today’s H4 chart, the pair took a downward trend last week but it closed 4H above the Support level 151.70 which is tested right now. Currently the pair is trading between the Support level 151.70 and the Resistance level 153.20 and the upward trend line as well. If the pair bounces from this Resistance level and closes 4H above, it may continue its bullish trend and we will get a good opportunity to buy again till it reaches the Resistance level 153.20 and closes 4H above as a level target. Then we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 154.00. On the other hand, if the pair manages to break the Support level 151.70 and closes 4H below it, it may take a downward trend which will enable the Support level of 150.50. Then we should wait for breaking this Support level in order to get new bearish signals. In case the pair is able to break the Support level and closes 4H below, we will get a bearish strength providing new sell signals which will enable the Support level of 149.50 as a target level. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level 153.20 is unbroken, the downward move is still expected invalidating the bullish outlook. Therefore, we should wait for more confirmations before making the decision.
Resistance and Support levels R3 (154.60) R2 (154.00) R1 (153.20) S1 (151.70) S2 (150.50) S3 (148.50)
The material has been provided by InstaForex Company – www.instaforex.com
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