Technical analysis of GBP/JPY for December 23, 2013
December 23, 2013 3:15 pm
Overview
From the today’s H4 chart and as it was expected last week, we should have waited for breaking the Resistance level of 170.70 before making a decision to continue the bullish move. Today and as it is shown in the H4 chart, the pair failed to break this Resistance level to reverse its bullish move taking a new bearish move to break the Support level of 170.00. Currently it is approaching the Support level 169.40 trying to break 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 of 168.60 as the first target.
Resistance and support levels: R3 (171.10) R2 (170.70) R1 (170.00), S1 (169.40), S2 (168.60), S3 (167.40).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
From the today’s H4 chart and as it was expected last week, we should have waited for breaking the Resistance level of 170.70 before making a decision to continue the bullish move. Today and as it is shown in the H4 chart, the pair failed to break this Resistance level to reverse its bullish move taking a new bearish move to break the Support level of 170.00. Currently it is approaching the Support level 169.40 trying to break 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 of 168.60 as the first target.
Resistance and support levels: R3 (171.10) R2 (170.70) R1 (170.00), S1 (169.40), S2 (168.60), S3 (167.40).
The material has been provided by InstaForex Company – www.instaforex.com
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