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FX.co ★ GBP/JPY technical levels and trading recommendations for September 12, 2013

GBP/JPY technical levels and trading recommendations for September 12, 2013

GBP/JPY technical levels and trading recommendations for September 12, 2013

Overview

In H4 chart, the price closed below the support level of 157.45 and broke the lower boundary of the bullish channel to trade out of it, which gave a new opportunity for more bearish signals today. As shown, the price has already broken the Support area and now is approaching the support level of 156.70. Closing below this level again may give us more sell signals till the price tests the support level of 156.00. So we can consider our first target a few pips above this support level then 156.00 as the second level. But first, we should wait for breaking 157.45 and closing 4H below before making a decision. But the price's closing above the support level cancels the bearish scenario.

Resistance and support levels: R3 (159.45), R2 (159.00), R1 (158.20), S1 (157.45), S2 (156.70), S3 (156.00).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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