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GBP/JPY technical levels and trading recommendations for December 05 , 2013
December 5, 2013 4:15 pmVideo
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Overview
According to today’s H4 chart, yesterday’s closing below the resistance level of 168.60 gave the price an opportunity to make a bearish move after it has failed to break it through. As shown here, currently the price is trying to continue its bearish move and is approaching support level of 166.25. In that case, we may get another opportunity for more sell signals which will open the way towards 165.30 as the first target. Then the price should test the support level of 164.60 to continue its bearish move. But as long as the price stabilizes above the support level 166.25, it cancels the first scenario.
Resistance and support levels: R3 (169.25) R2 (168.60) R1 (167.40), S1 (166.25), S2 (165.30), S3 (164.60).
The material has been provided by InstaForex Company – www.instaforex.com
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