15:47Forex Signals Software GBP / JPY on 12/05/2013
|Forex Signals Software GBP / JPY on 12/05/2013|
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 167.90 ) , which generally contributes to lower prices in the short term.
Signal for a long position will be breakdown up to an hour of resistance at 167.90 in order to increase the resistance level at 168.64 and in case of breakdown up to an hour to 169.30 . Stoploss for this strategy can be placed at 166.90 .
Signal for a short position would be the breakdown on the basis of hours of support at 166.38 in order to reduce to the support at 165.77 and in case of breakdown to 165.20 . Stoploss for this strategy can be placed at 167.10 .
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 .
Alexei Oleg , portal "Forex Analysis " - signals , forecasts
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