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The British pound is trading below the weekly pivot of 1.5424. However, this pair attempted to test the strength of this level. If the pair fails to close above this level, the outlook remains bearish, which could continue its way, with primary objective at 1.5251. It is expected that in the course of the week it reaches the level of 1.5140 level. 

Signals for May 13 – 18, 2013

Sell if it pullbacks and sell below 1.5424 (W_PVV) with take profit orders at 1.5251 and 1.5140, stop loss is above the first weekly resistance.

____WEEKLY_____
Weekly – R3 = 1.5819
Weekly – R2 = 1.5708
Weekly – R1 = 1.5535
Weekly Pivot = 1.5424
Weekly – S1 = 1.5251
Weekly – S2 = 1.5140
Weekly – S3 = 1.4967

If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com

_____MONTHLY____
Monthly – R3 = 1.6257
Monthly – R2 = 1.5912
Monthly – R1 = 1.5722
Monthly Pivot = 1.5377
Monthly – S1 = 1.5187
Monthly – S2 = 1.4842
Monthly – S3 = 1.4652

The material has been provided by InstaForex Company – www.instaforex.com

The British pound is trading below the weekly pivot of 1.5424. However, this pair attempted to test the strength of this level. If the pair fails to close above this level, the outlook remains bearish, which could continue its way, with primary objective at 1.5251. It is expected that in the course of the week it reaches the level of 1.5140 level. 

Signals for May 13 – 18, 2013

Sell if it pullbacks and sell below 1.5424 (W_PVV) with take profit orders at 1.5251 and 1.5140, stop loss is above the first weekly resistance.

____WEEKLY_____
Weekly – R3 = 1.5819
Weekly – R2 = 1.5708
Weekly – R1 = 1.5535
Weekly Pivot = 1.5424
Weekly – S1 = 1.5251
Weekly – S2 = 1.5140
Weekly – S3 = 1.4967

If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com

_____MONTHLY____
Monthly – R3 = 1.6257
Monthly – R2 = 1.5912
Monthly – R1 = 1.5722
Monthly Pivot = 1.5377
Monthly – S1 = 1.5187
Monthly – S2 = 1.4842
Monthly – S3 = 1.4652

The material has been provided by InstaForex Company – www.instaforex.com

Overview

As shown on the today’s H4 chart, this week the pair has opened inside a bullish channel. Below the downward trendline, which means the pair will almost reverse its bullish move this week, it takes a downward move. Today the pair has already started its downward move after it had hit the Resistance level 156.75 and bounced from it to take a slightly downward move. Currently the pair is testing the Support level 155.80. Therefore, we should stop selling now till breaking this Support level and closing 4H below. In that case the pair will continue its downward move and open the way towards the lower limit of its bullish channel, so we can suppose our first target few pips above this level.

Resistance and support levels: R2 (157.50) R1(156.70) S1 (155.80) S2 (154.75) S3 (153.80)  

The material has been provided by InstaForex Company – www.instaforex.com

The British pound is trading below the weekly pivot of 1.5424. However, this pair attempted to test the strength of this level. If the pair fails to close above this level, the outlook remains bearish, which could continue its way, with primary objective at 1.5251. It is expected that in the course of the week it reaches the level of 1.5140 level. 

Signals for May 13 – 18, 2013

Sell if it pullbacks and sell below 1.5424 (W_PVV) with take profit orders at 1.5251 and 1.5140, stop loss is above the first weekly resistance.

____WEEKLY_____
Weekly – R3 = 1.5819
Weekly – R2 = 1.5708
Weekly – R1 = 1.5535
Weekly Pivot = 1.5424
Weekly – S1 = 1.5251
Weekly – S2 = 1.5140
Weekly – S3 = 1.4967

If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com

_____MONTHLY____
Monthly – R3 = 1.6257
Monthly – R2 = 1.5912
Monthly – R1 = 1.5722
Monthly Pivot = 1.5377
Monthly – S1 = 1.5187
Monthly – S2 = 1.4842
Monthly – S3 = 1.4652

The material has been provided by InstaForex Company – www.instaforex.com

Overview:
USD/JPY is consolidating with bullish bias after hitting four-year high of 102.05 this morning. The rate is underpinned by positive dollar sentiment on Wall Street Journal article that Federal Reserve officials have mapped out a strategy for winding down the Fed’s $85 billion-a-month bond-buying stimulus program–in careful and potentially halting steps, varying their purchases as their confidence about the job market and inflation evolves–although the timing on when to start is still being debated; still, WSJ report bolstered view that the U.S. central bank is likely to wind up its extraordinary stimulus measures well before other major central banks do; Fed’s Esther George saying Friday she wants to see the Fed begin exiting its bond-buying program. USD/JPY is also supported by higher U.S. Treasury yields; weak yen sentiment on Bank of Japan’s aggressive easing measures to help reach its 2% inflation target; report Friday showing Japanese investors were net buyers of Y309.9 billion foreign bonds and Y28.0 billion foreign stocks during the week ended May 4, suggesting they were moving money out of the country following the BOJ’s recent drastic increase in its bond-purchasing program; Group of Seven leading industrialized nations at two-day meeting, ended Saturday, giving tacit approval to plunging yen as they reaffirmed their commitment not to use economic policy to seek weaker currencies and didn’t conclude Japan has broken that pact; USD demand from Japan importers and investment trusts. But USD/JPY gains tempered by Japan exporter sales; profit-taking on yen-shorts. Daily chart is positive-biased as MACD and stochastics are bullish, five-day moving average is above 15-day MA and advancing. 

Trading recommendations:  
The pair is trading above its pivot point. It is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 102.05 and the second target at 102.4. You should keep in view short position below the pivot keep of the first target at 100.54, breach of this target will move the pair downward further and expect the second target at 99.95. The pivot point stands at 100.95 

Resistance levels:
102.05 (this morning’s high)
102.4
102.75

Support levels:
S1 – 100.54 (Friday’s low)
S2 – 99.95 (previous cap set April 11)
S3 – 99.65

The material has been provided by InstaForex Company – www.instaforex.com