FX.co ★ Daily analysis of GBP/JPY for January 13, 2014

Overview

In H4 chart, the price closed below the support level of 170.50 which gave a new opportunity for more bearish signals today. As shown, the price has already broken the Support area and now is approaching the support level of 169.00. Closing below this level again may give us more sell signals till the price tests the support level of 168.30. So we can consider our first target a few pips above this support level, then 167.80 as the second level. But first, we should wait for breaking 169.00 and closing 4H below it, before making a decision. But the price's closing above the support level cancels the bearish scenario.В 

Resistance and support levels:В R3 (171.50), R2 (170.50), R1 (169.80), S1 (169.00), S2 (168.30), S3 (167.80).