01.04.201316:17 Forex Analysis & Reviews: GBP/JPY technical levels and trading recommendations for April 01, 2013

Long-term review

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Overview

Proceeding from today's H4 chart, the pair is still trading inside the bearish channel after it has tried to break the Resistance area of the upper boundary of the bearish channel and the Resistance level 143.15 last week. Currently the pair is trading below this Resistance area and above the Support level 142.50. If the pair manages to break this Resistance area and closes 4H above it, we will get a good opportunity to buy again above the Resistance level till closing 4H above the Resistance level 144.25 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 145.00. On the other hand, if the pair fails to break this Resistance level and bounces from it, it may reverse the bullish move taking a downward move, which will enable the Support level of 142.50 again. 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 142.00 as a target level. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level 143.15 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 (145.00) R2 (144.25) R1 (143.15) S1 (142.50) S2 (142.00) S3 (141.50)

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