16.04.201317:45 Forex Analysis & Reviews: GBP/JPY technical levels and trading recommendations for April 16, 2013

Long-term review

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Overview

Proceeding from the today's H4 chart, the pair is still trading between the Support level 149.50 and the Resistance level 150.60 after it has bounced from the Support level 147.00 and currently the pair is approaching the Resistance level 150.60. Given that the pair manages to break this Resistance level and closes 4h above, we will get a good opportunity to buy again above the Resistance level 150.60 till closing 4H above the Resistance level 151.70 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 153.20. On the other hand, if the pair failed to break the Resistance level 150.60 and bounces from it, it may take a downward trend, which will enable the Support level of 148.50. Then we should wait for breaking this Support level in order to get new bearish signals. In case the pair is able to break the Support level and closes 4H below, we will get a bearish strength providing new sell signals which will enable the Support level of 147.00 as a target level. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level 150.60 is unbroken, the downward move is still expected invalidating the bullish outlook. Therefore, we should wait for more confirmations before making the decision.

Resistance and Support levels R3 (153.20) R2 (151.70) R1 (150.60) S1 (149.50) S2 (148.50) S3 (147.00)

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