GBP/JPY technical levels and trading recommendations for December 06, 2013
December 6, 2013 3:15 pm
Overview
As it was expected yesterday, the pair reversed its downward move taking an upward move to the Support level 166.25 after it’s failure to break it yesterday. Today and as shown in the H4 chart, the pair bounced from the Support area breaking the Resistance level 167.40 and currently is approaching the Resistance level 168.60 trying to break it through to continue its bullish move which means more buy-signals. So we should wait till the price closes above the Resistance level 168.60 before making the decision to have a bullish signals with the first target few pips below the next Resistance level 169.25. 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
As it was expected yesterday, the pair reversed its downward move taking an upward move to the Support level 166.25 after it’s failure to break it yesterday. Today and as shown in the H4 chart, the pair bounced from the Support area breaking the Resistance level 167.40 and currently is approaching the Resistance level 168.60 trying to break it through to continue its bullish move which means more buy-signals. So we should wait till the price closes above the Resistance level 168.60 before making the decision to have a bullish signals with the first target few pips below the next Resistance level 169.25. 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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