Overview
From today's H4 chart, yesterday's closing below the resistance level of 172.80 gave the price an opportunity for a bearish move after breaking the upward trend line. As shown here, currently the price is trying to continue its bearish move by breaking the support level of 172.00 which is tested now. In that case, we may get another opportunity for more sell signals, and it opens the way towards the level of 171.50 as the first target, and then the price should test the support level to continue its bearish move. But as long as the price stabilizes above the support level of 172.00, it cancels the first scenario.
Resistance and support levels: R3 (173.75), R2 (173.50), R1 (172.80), S1 (172.00), S2 (171.50), S3 (171.00).
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Daily analysis of GBP/JPY for April 30, 2014 . Thanks for your support on Daily analysis of GBP/JPY for April 30, 2014
No comments:
Post a Comment