GBP/JPY technical levels and trading recommendations for May 22, 2013
May 22, 2013 2:00 pm
Overview
As shown from the today’s H4 chart, the pair kept its bearish trend out of the bullish channel and currently is moving above the downward trend line. Presently the pair is approaching the strong Support area which consists of the intersection point of the Support level 154.75 with the downward trend line. If the pair manages to break this Support area and closes 4H below, it will be a good opportunity to give more sell signals below this area till reaching the Support level 153.80 as first level target, then we should wait for beaking this Support level to continue our bearish move with second target few pips above the Support level 152.50. But as long as the price is trading above the mentioned Support area, waiting would be prefered till breaking it.
Resistance and support levels: R2 (157.50) R1 (156.75) S1 (154.75) S2 (153.80) S3 (152.50)
The material has been provided by InstaForex Company – www.instaforex.com
Overview
As shown from the today’s H4 chart, the pair kept its bearish trend out of the bullish channel and currently is moving above the downward trend line. Presently the pair is approaching the strong Support area which consists of the intersection point of the Support level 154.75 with the downward trend line. If the pair manages to break this Support area and closes 4H below, it will be a good opportunity to give more sell signals below this area till reaching the Support level 153.80 as first level target, then we should wait for beaking this Support level to continue our bearish move with second target few pips above the Support level 152.50. But as long as the price is trading above the mentioned Support area, waiting would be prefered till breaking it.
Resistance and support levels: R2 (157.50) R1 (156.75) S1 (154.75) S2 (153.80) S3 (152.50)
The material has been provided by InstaForex Company – www.instaforex.com
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