GBP/JPY technical levels and trading recommendations for December 04 , 2013
December 5, 2013 6:45 am
Overview
From the shown H4 chart, the pair failed to break the Support area consisting of the lower boundary of the bullish channel with the Support level 167.40 to continue its downward trend. From the today’s H4 chart the pair bounced from the Support area again and started to take an upward move to test the Resistance level 168.60 keeping its move inside the bullish channel. Currently it is prefered to wait till 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 169.25 then 169.90 as the second target. But closing below the Resistance level 168.60 cancels the bullish move scenario.
Resistance and support levels: R3 (169.90) R2 (169.25) R1 (168.60), S1 (167.40), S2 (166.25), S3 (165.30).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
From the shown H4 chart, the pair failed to break the Support area consisting of the lower boundary of the bullish channel with the Support level 167.40 to continue its downward trend. From the today’s H4 chart the pair bounced from the Support area again and started to take an upward move to test the Resistance level 168.60 keeping its move inside the bullish channel. Currently it is prefered to wait till 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 169.25 then 169.90 as the second target. But closing below the Resistance level 168.60 cancels the bullish move scenario.
Resistance and support levels: R3 (169.90) R2 (169.25) R1 (168.60), S1 (167.40), S2 (166.25), S3 (165.30).
The material has been provided by InstaForex Company – www.instaforex.com
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