GBP/JPY technical levels and trading recommendations for October 24, 2013
October 24, 2013 4:15 pm
Overview
Proceeding from the today’s H4 chart, the pair is still trading between the Support level 156.70 and the Resistance level 158.00 and currently the pair fails again to break the Resistance level. If the pair breaks 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 158.00 till closing 4H above the Resistance level 158.70 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 159.50. On the other hand, if the pair failed to break the Resistance level 158.00 and bounces from it, it may take a downward trend, which will enable the Support level of 156.70 again, Therefore we suggest waiting for the next closing before making the decision.
Resistance and support levels: R3 (159.50) R2 (158.70) R1 (158.00), S1 (156.70), S2 (156.00), S3 (155.20).
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 156.70 and the Resistance level 158.00 and currently the pair fails again to break the Resistance level. If the pair breaks 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 158.00 till closing 4H above the Resistance level 158.70 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 159.50. On the other hand, if the pair failed to break the Resistance level 158.00 and bounces from it, it may take a downward trend, which will enable the Support level of 156.70 again, Therefore we suggest waiting for the next closing before making the decision.
Resistance and support levels: R3 (159.50) R2 (158.70) R1 (158.00), S1 (156.70), S2 (156.00), S3 (155.20).
The material has been provided by InstaForex Company – www.instaforex.com
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