16:29Forex Signals on GBP / JPY on 10/23/2013
The pair GBP / JPY on the hourly chart is trading within a downtrend. It shows that the rate of GBP / JPY is trading below the moving average with period 55 on the hourly chart (level 158.64 )...
which generally contributes to lower prices in the short term. The signal for the opening of the long position will sample the results of hours of resistance at 157.13 in order to increase the resistance level at 157.72 and in case of breakdown up to an hour to 158.22 . Stoploss for this strategy can be placed at 156.50 .
The signal for the opening short position will sample the results of hours of support at 156.62 in order to reduce to the support at 156.04 and in case of breakdown to 155.42 . Stoploss for this strategy can be placed at 157.25 .
Given that the moving average and the location of the boundaries of technical figures over time, moves to the hourly chart to adjust their status. I also recommend the open position up to an hour to avoid false breakouts.
In the case of a strong movement in the breakout technical figures , I recommend to wait for the correction . That level, which was the resistance should be strongly supported and it was near this level should open position in the direction of the breakdown.
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