GBP/JPY technical levels and trading recommendations for October 08, 2013
October 8, 2013 3:30 pm
Overview
From the shown H4 chart, the pair failed more than once to break the Support level 155.75 and is still trading above its since yesterday. From the today’s H4 chart the pair bounced from the Support area again and started to take a slightly upward move approaching the Resistance level 156.45. Currently it is prefered to wait till closing above this Resistance level before making the decision and in this case we will get more bullish signals with the first target few pips below the next Resistance level 156.75 then 157.45 as the second target. But closing below the Resistance level 156.45 cancels the bullish move scenario.
Resistance and support levels: R3 (157.45) R2 (156.75) R1 (156.45), S1 (155.75), S2 (155.00), S3 (154.60).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
From the shown H4 chart, the pair failed more than once to break the Support level 155.75 and is still trading above its since yesterday. From the today’s H4 chart the pair bounced from the Support area again and started to take a slightly upward move approaching the Resistance level 156.45. Currently it is prefered to wait till closing above this Resistance level before making the decision and in this case we will get more bullish signals with the first target few pips below the next Resistance level 156.75 then 157.45 as the second target. But closing below the Resistance level 156.45 cancels the bullish move scenario.
Resistance and support levels: R3 (157.45) R2 (156.75) R1 (156.45), S1 (155.75), S2 (155.00), S3 (154.60).
The material has been provided by InstaForex Company – www.instaforex.com
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