FX.co ★ Daily analysis of GBP/JPY for January 14, 2014

OverviewВ 

Yesterday, the pair failed to break the Support area at 168.30-169.00 to reverse its bearish movement taking an upward move, and managed to break the Resistance level of 169.80. Currently, it is trading above it. The pair continues its bullish movement and closes 4H above the Resistance level of 170.50 which has been already tested. It will be another opportunity for more bullish signals with the first target few pips below the Resistance level of 171.50. Then, we should wait for breaking above this Resistance level to get more bullish signals towards the Resistance level of 172.20 as the second target.В 

Resistance and support levels:В R3 (172.20), R2 (171.50), R1 (170.50), S1 (169.80), S2 (169.00), S3 (168.30).