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GBP/JPY technical levels and trading recommendations for May 31, 2013
May 31, 2013 4:15 pmVideo
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Overview
From the today’s H4 chart and as it was expected yesterday, we should wait for breaking the Resistance level 153.85 before making the decision to continue the bullish move. Today and as shown from the H4 chart, the pair failed to break this Resistance level and yesterday it also failed to break the upper boundary of the bearish channel and bounced from them to reverse its bullish move taking a bearish move to break the Support level 153.25. Currently it is testing the Support level 152.50 trying to break it through to continue its bearish move. If the pair manages to break this Support level and closes 4H below, it would be another good opportunity for more sell-signals till reaching the Support level 152.00 as a first target.
Resistance and support levels: R3 (155.40) R2 (154.75) R1 (153.85), S1 (152.50), S2 (152.00)
The material has been provided by InstaForex Company – www.instaforex.com
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