GBP/JPY technical levels and trading recommendations for November 19, 2013
November 19, 2013 3:45 pm
Overview
Proceeding from the today’s H4 chart, the pair is still trading between the Support level 160.50 and the Resistance level 161.40 and currently the pair fails again to break the Support level. If the pair bounces from it to take an upward movement, it may continue its bullish trend and we will get a good opportunity to buy again above the Resistance level 161.40 till closing 4H above the Resistance level 162.00 as a level target. Then we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 162.30. On the other hand, if the pair failed to break the Resistance level 161.40 and bounces from it, it may take a downward trend, which will enable the Support level of 160.50 again, Therefore we suggest waiting for the next closing before making the decision.
Resistance and Support levels: R3 (162.30), R2 (162.00), R1 (161.40), S1 (160.50), S2 (160.00), S3 (159.50)
The material has been provided by InstaForex Company – www.instaforex.com
Overview
Proceeding from the today’s H4 chart, the pair is still trading between the Support level 160.50 and the Resistance level 161.40 and currently the pair fails again to break the Support level. If the pair bounces from it to take an upward movement, it may continue its bullish trend and we will get a good opportunity to buy again above the Resistance level 161.40 till closing 4H above the Resistance level 162.00 as a level target. Then we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 162.30. On the other hand, if the pair failed to break the Resistance level 161.40 and bounces from it, it may take a downward trend, which will enable the Support level of 160.50 again, Therefore we suggest waiting for the next closing before making the decision.
Resistance and Support levels: R3 (162.30), R2 (162.00), R1 (161.40), S1 (160.50), S2 (160.00), S3 (159.50)
The material has been provided by InstaForex Company – www.instaforex.com
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