GBP/JPY technical levels and trading recommendations for November 08, 2013
November 8, 2013 6:15 am
Overview
As it was expected yesterday, the price closed 4H below the support area of 159.00-159.50 and gave a new opportunity for more bearish signals today. As shown, the price has already broken 158.15 and now is testing the support level of 157.60. Closing below this level again may give us more sell signals till the price tests the support level of 157.00. So we can consider our first target a few pips above this support level then 157.00 as the second level. But we should wait for breaking 157.60 and closing 4H below before making a decision. But the price’s closing above the support level of 157.60 cancels the bearish scenario.
Resistance and support levels: R3 (159.50), R2 (159.00), R1 (158.15), S1 (157.60), S2 (157.00), S3 (156.60).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
As it was expected yesterday, the price closed 4H below the support area of 159.00-159.50 and gave a new opportunity for more bearish signals today. As shown, the price has already broken 158.15 and now is testing the support level of 157.60. Closing below this level again may give us more sell signals till the price tests the support level of 157.00. So we can consider our first target a few pips above this support level then 157.00 as the second level. But we should wait for breaking 157.60 and closing 4H below before making a decision. But the price’s closing above the support level of 157.60 cancels the bearish scenario.
Resistance and support levels: R3 (159.50), R2 (159.00), R1 (158.15), S1 (157.60), S2 (157.00), S3 (156.60).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: