FX.co ★ Daily analysis of GBP/JPY for January 15, 2014

Overview

As it was expected yesterday, we should wait for breaking the Resistance level 171.50 before making the decision to continue the bullish move. Today and as shown from the H4 chart, the pair failed to break this Resistance level to reverse the bullish move taking a bearish move. Currently, it is testing the Support level 170.50 trying to break it through to continue its bearish move. If the pair manages to break this Support level and closes 4H below, it would be another good opportunity for more sell-signals till reaching the Support level 169.80 as a first target .В 

Resistance and Support levels:В R3 (173.00)В R2(172.20) R1(171.50), S1 (170.50) S2В (169.80) S3(169.00)