GBP/JPY technical levels and trading recommendations for October 10, 2013
October 10, 2013 3:15 pm
Overview
From the shown H4 chart, the pair failed to break the Support level 155.00 to reverse its yesterday’s downward trend and take an upward move. From the today’s H4 chart the pair bounced from the Support level and started to take an upward movement approaching the Resistance level 156.45 which is tested right now. 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 (154.00).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
From the shown H4 chart, the pair failed to break the Support level 155.00 to reverse its yesterday’s downward trend and take an upward move. From the today’s H4 chart the pair bounced from the Support level and started to take an upward movement approaching the Resistance level 156.45 which is tested right now. 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 (154.00).
The material has been provided by InstaForex Company – www.instaforex.com
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