GBP/JPY technical levels and trading recommendations for May 23, 2013
May 23, 2013 6:45 am
Overview:
As it was expected yesterday, the price would continue its bearish move after breaking the support area that consists of the intersection point of the downward trend line and the support level 154.75. Today and as shown in the H4 chart, the pair has already broken this support area and currently is trading below it.Therefore we suggest more bearish signals now with the first target few pips above the support level 153.80, then we should stop till testing this support level. In case of closing below this level, this gives us a new opportunity for more bearish move till reaching the support level 152.50 and closing below 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 it was expected yesterday, the price would continue its bearish move after breaking the support area that consists of the intersection point of the downward trend line and the support level 154.75. Today and as shown in the H4 chart, the pair has already broken this support area and currently is trading below it.Therefore we suggest more bearish signals now with the first target few pips above the support level 153.80, then we should stop till testing this support level. In case of closing below this level, this gives us a new opportunity for more bearish move till reaching the support level 152.50 and closing below 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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