12.03.201316:25 Forex Analysis & Reviews: GBP/JPY technical levels and trading recommendations for March 12, 2013

Long-term review

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Overview

Today GBP/JPY has tried more than once to close 4H below the lower limit of its bullish channel after it had managed to break the Support level 143.15. But it did not manage to do it and currently is still trading inside the bullish channel. If the pair continues its bearish movement and manages to break this support area, the pair here will trade outside its channel and will be free to break the Support level 142.00, which will indicate a new sell signal enabling to reach 141.65 level. On the other hand, if the pair fails to break the support level 142.50 and the lower boundary of the bullish channel, the pair may reverse its bearish movement, so it will be a good opportunity to buy from few pips above 143.60 level with target 144.20. Then we should wait the breakout of the resistance level 144.25 and closing 4H above it to open new bullish signal with 145.00 then 145.75 level targets. The chart depicts the current sell signals, but as long as the support area and the bullish channel are unbroken, the upward trend will remain the same, invalidating the bearish outlook.

Support and Resistance levels

R3(145.80) R2(145.00) R1(144.25) S1(143.60) S2(143.15) S3(142.50)

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