GBP/JPY technical levels and trading recommendations for May 15, 2013
May 15, 2013 2:30 pm
Overview
Today and as shown from the H4 chart, the pair took an upward move after its rebound from the lower limit of its bullish channel. Currently the pair is testing the strong Resistance area of the upward trend line with the Resistance level 155.80 which means that downward move would be expected. Therefore, we should wait for the current H4 candle’s closing below this Resistance area before making the decision. But in case if the pair manages to break this Resistance area and closed 4H above it, so the bullish move will be suggested as well which cancels the first scenario.
Resistance and support levels: R2 (156.75) R1(155.80) S1 (154.75) S2 (153.80)
The material has been provided by InstaForex Company – www.instaforex.com
Overview
Today and as shown from the H4 chart, the pair took an upward move after its rebound from the lower limit of its bullish channel. Currently the pair is testing the strong Resistance area of the upward trend line with the Resistance level 155.80 which means that downward move would be expected. Therefore, we should wait for the current H4 candle’s closing below this Resistance area before making the decision. But in case if the pair manages to break this Resistance area and closed 4H above it, so the bullish move will be suggested as well which cancels the first scenario.
Resistance and support levels: R2 (156.75) R1(155.80) S1 (154.75) S2 (153.80)
The material has been provided by InstaForex Company – www.instaforex.com
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