GBP/JPY technical levels and trading recommendations for May 17, 2013
May 17, 2013 2:30 pm
Overview
The pair is still trying to break the Support level 155.80 since yesterday and trading below the downward trendline, as shown on the today’s H4 chart. Breaking this Support level creats a new bearish move and may give us more opportunities for sell signals, but in that case the price would have to break the lower limit of its bullish channel as well. Therefore we can not sell now unless the pair manages to break the Support area of the Support level 155.80 and the lower boundary of the bullish channel, which will open the way towards the Support level 154.75, so we can consider our first target few pips above this Support level then 154.00 as a second target .
Resistance and support levels: R2 (157.50) R1 (156.75) S1 (155.80) S2 (154.75) S3 (153.80)
The material has been provided by InstaForex Company – www.instaforex.com
Overview
The pair is still trying to break the Support level 155.80 since yesterday and trading below the downward trendline, as shown on the today’s H4 chart. Breaking this Support level creats a new bearish move and may give us more opportunities for sell signals, but in that case the price would have to break the lower limit of its bullish channel as well. Therefore we can not sell now unless the pair manages to break the Support area of the Support level 155.80 and the lower boundary of the bullish channel, which will open the way towards the Support level 154.75, so we can consider our first target few pips above this Support level then 154.00 as a second target .
Resistance and support levels: R2 (157.50) R1 (156.75) S1 (155.80) S2 (154.75) S3 (153.80)
The material has been provided by InstaForex Company – www.instaforex.com
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