GBP/JPY technical levels and trading recommendations for July 12, 2013
July 15, 2013 7:46 am
Overview
As it was expected yesterday, the pair would reverse its downward move taking an upward move in case of trading out of its bearish channel. Today and as shown from the H4 chart, the pair has bounced from the Support 149.35 to trade out of the bearish channel after breaking its upper boundary and currently is testing the Resistance level 150.00 trying to break it through to continue its bullish move which means more buy signals. Therefore, we should wait till the price closes above the Resistance level 150.00 before making the decision to have bullish signals with the first target few pips below the next Resistance level 150.80 then 152.00, as the second target. But closing below the Resistance level 150.00 cancels the bullish move scenario.
Resistance and support levels: R3 (152.00) R2 (150.80) R1 (150.00) S1 (149.35) S2 (148.85) S3 (148.50)
The material has been provided by InstaForex Company – www.instaforex.com
Overview
As it was expected yesterday, the pair would reverse its downward move taking an upward move in case of trading out of its bearish channel. Today and as shown from the H4 chart, the pair has bounced from the Support 149.35 to trade out of the bearish channel after breaking its upper boundary and currently is testing the Resistance level 150.00 trying to break it through to continue its bullish move which means more buy signals. Therefore, we should wait till the price closes above the Resistance level 150.00 before making the decision to have bullish signals with the first target few pips below the next Resistance level 150.80 then 152.00, as the second target. But closing below the Resistance level 150.00 cancels the bullish move scenario.
Resistance and support levels: R3 (152.00) R2 (150.80) R1 (150.00) S1 (149.35) S2 (148.85) S3 (148.50)
The material has been provided by InstaForex Company – www.instaforex.com
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