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GBP/JPY Technical Levels and Trading Recommendations for July 16, 2012
Proceeding from today’s H4 chart, the pair takes a downward movement after rebounding from the Resistance level of 123.40 till reaching the upward trend line and presently is testing it and trying to break it through. In case the pair continues its bearish move and manages to break this upward line, this will denote a strong indicator for more bearish move enabling the Support level 122.25. Then we should wait for breaking this Support level and closing 4H below to continue the bearish-signals enabling the Support level 121.85 as a level target.
On the other hand, if the pair fails to break the upward trend line and reverses its bearish move it will be a good opportunity to buy above the Resistance level of 122.90 enabling the Resistance level of 123.40 as a level target. Then we should wait for closing 4H above this Resistance level to continue the bullish-signals till reaching the Resistance level of 123.75. Based on the given H4 chart the technical indicators provide sell- signals but as long as the upward trend line is unbroken the bullish move is still expected and invalidating the bearish outlook. Therefore, we should wait for more confirmations before making the decision.
Resistance and Support Levels
According to previous analysis, we recommend selling in case of closing 4H below the upward trend line with TP1 122.30 and TP2 121.90; SL closing 4 hours above the Resistance level 122.90 might be appropriate.
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