GBP/JPY technical levels and trading recommendations for October 18, 2013
October 18, 2013 6:45 am
Overview
In today’s H4 chart and as it was expected yesterday, the pair might take a new bullish signals in case of closing 4H above the resistance level of 157.80 after it was tested yesterday. Today the pair took an upward movement and managed to break the strong resistance area of 157.80, but immediately it bounced again from the resistance level to reverse its upward direction, and currently the price is trading below the resistance level. More bullish signals are still expected in case of closing above this resistance level again with the first target few pips below the resistance level of 158.80, hence we should wait for more confirmations before making the decision.
Resistance and support levels: R3 (159.40), R2 (158.80), R1 (158.30), S1 (157.80), S2 (156.80), S3(156.00).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
In today’s H4 chart and as it was expected yesterday, the pair might take a new bullish signals in case of closing 4H above the resistance level of 157.80 after it was tested yesterday. Today the pair took an upward movement and managed to break the strong resistance area of 157.80, but immediately it bounced again from the resistance level to reverse its upward direction, and currently the price is trading below the resistance level. More bullish signals are still expected in case of closing above this resistance level again with the first target few pips below the resistance level of 158.80, hence we should wait for more confirmations before making the decision.
Resistance and support levels: R3 (159.40), R2 (158.80), R1 (158.30), S1 (157.80), S2 (156.80), S3(156.00).
The material has been provided by InstaForex Company – www.instaforex.com
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