GBP/JPY technical levels and trading recommendations for October 14, 2013
October 14, 2013 4:30 pm
Overview
As shown on today’s H4 chart, the pair has opened this week below the Resistance level of 157.45 which means the pair will almost reverse its bullish move this week. Today, the pair has already started its downward move after it had hit the Resistance level of 157.45 and bounced from it to take a slightly downward move. Currently, the pair is testing the Support level of 156.75. Therefore, we should stop selling now till breaking this Support level and closing 4H below. In that case the pair will continue its downward move and open the way towards the next Support level of 156.00 to continue its bearish scenario, so we can suppose our first target a few pips above this level.
Resistance and support levels: R3 (158.80), R2 (158.30), R1 (157.45), S1 (156.75), S2 (156.00), S3 (155.20).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
As shown on today’s H4 chart, the pair has opened this week below the Resistance level of 157.45 which means the pair will almost reverse its bullish move this week. Today, the pair has already started its downward move after it had hit the Resistance level of 157.45 and bounced from it to take a slightly downward move. Currently, the pair is testing the Support level of 156.75. Therefore, we should stop selling now till breaking this Support level and closing 4H below. In that case the pair will continue its downward move and open the way towards the next Support level of 156.00 to continue its bearish scenario, so we can suppose our first target a few pips above this level.
Resistance and support levels: R3 (158.80), R2 (158.30), R1 (157.45), S1 (156.75), S2 (156.00), S3 (155.20).
The material has been provided by InstaForex Company – www.instaforex.com
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