GBP/JPY technical levels and trading recommendations for May 10, 2013
May 13, 2013 3:45 pm
Overview
As shown on the today’s H4 chart, this week the pair has opened inside a bullish channel. Below the downward trendline, which means the pair will almost reverse its bullish move this week, it takes a downward move. Today the pair has already started its downward move after it had hit the Resistance level 156.75 and bounced from it to take a slightly downward move. Currently the pair is testing the Support level 155.80. Therefore, we should stop selling now till breaking this Support level and closing 4H below. In that case the pair will continue its downward move and open the way towards the lower limit of its bullish channel, so we can suppose our first target few pips above this level.
Resistance and support levels: R2 (157.50) R1(156.70) S1 (155.80) S2 (154.75) S3 (153.80)
The material has been provided by InstaForex Company – www.instaforex.com
Overview
As shown on the today’s H4 chart, this week the pair has opened inside a bullish channel. Below the downward trendline, which means the pair will almost reverse its bullish move this week, it takes a downward move. Today the pair has already started its downward move after it had hit the Resistance level 156.75 and bounced from it to take a slightly downward move. Currently the pair is testing the Support level 155.80. Therefore, we should stop selling now till breaking this Support level and closing 4H below. In that case the pair will continue its downward move and open the way towards the lower limit of its bullish channel, so we can suppose our first target few pips above this level.
Resistance and support levels: R2 (157.50) R1(156.70) S1 (155.80) S2 (154.75) S3 (153.80)
The material has been provided by InstaForex Company – www.instaforex.com
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