FX.co ★ GBP/JPY Technical Levels and Trading Recommendations for February 15, 2013

Overview

Proceeding from today's H4 chart silver is going to take an upward move after its rebound from the Support level 142.60 and currently is testing the Resistance level 144.15. Breaking of this Resistance level gives the opportunity for a bullish movement, which enables the Resistance level 145.60. Given that the Resistance level 145.60 has already been broken and the pair takes an upward move, it will be another opportunity to buy above this Resistance level till enabling the Resistance level 146.50 as a level target. On the other hand, if the pair cannot break the Resistance level 144.15 and reverses its bullish move, we should wait for closing 4-hour chart below the Support level 142.60. If the pair is able to break it and closes 4H below it, this will provide a good opportunity to sell below the Support level till enabling the level target 142.00. Based on today's H4 chart, technical indicators provide bullish signals, but as long as the Resistance level 144.15 is unbroken, the downward trend is still expected, also invalidating the bullish outlook.

Resistance and Support levels

R3 (146.50) R2 (145.60) R1 (144.15) S1 (142.60) S2 (142.05) S3 (141.60)

Trading recommendations: According to previous analysis, we recommend buying after breaking the Resistance level 144.15 with TP 145.40; SL closing 4-hour chart below the Support level 146.50.