GBP/JPY technical levels and trading recommendations for November 12, 2013
November 12, 2013 4:45 pm
Overview
From the today’s H4 chart and as it was expected yesterday, we should wait for breaking the Resistance level 159.00 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 failed to break it as well to reverse its bullish move taking a bearish move to reach the Support level 158.15 as shown. Currently it is testing this Support level 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 157.60 as the first target.
Resistance and support levels: R3 (160.00) R2 (159.50) R1 (159.00), S1 (158.15), S2 (157.60), S3 (157.00)
The material has been provided by InstaForex Company – www.instaforex.com
Overview
From the today’s H4 chart and as it was expected yesterday, we should wait for breaking the Resistance level 159.00 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 failed to break it as well to reverse its bullish move taking a bearish move to reach the Support level 158.15 as shown. Currently it is testing this Support level 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 157.60 as the first target.
Resistance and support levels: R3 (160.00) R2 (159.50) R1 (159.00), S1 (158.15), S2 (157.60), S3 (157.00)
The material has been provided by InstaForex Company – www.instaforex.com
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