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GBP/JPY technical levels and trading recommendations for October 31, 2013
October 31, 2013 4:15 pmVideo
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Overview
From the today’s H4 chart and as it was expected yesterday, we should wait for breaking the Resistance level 158.00 before making the decision to continue the bullish move. Today and as shown from the H4 chart, the pair failed to break this Resistance level and yesterday it failed to break it as well to reverse its bullish move taking a slightly bearish move to approach the Support level 156.70 as shown. Currently we must wait for testing this Support level and breaking it through to continue its bearish move. If the pair manages to break this Support level and closes 4H below, it would be another good opportunity for more sell signals till reaching the Support level 156.00 as the first target.
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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