FX.co ★ Daily analysis of GBP/JPY for January 21, 2014

Overview

As it was expected last week, more bullish signals would be expected in case ofclosing above the Resistance level of171.50. Today, as it is shown inthe H4 chart, the pair has already managed to break the Resistance level and close 4H above it.Currently,the pair is approaching the Resistance level of172.20 trying to break it through to continue the upward move. More bullish signals would be expected in case of closing 4H above this Resistance level with thefirst target few pips below the Resistance level ofOF 173.00, then 173.50 as the second target.

Resistance and support levels:R3 (173.50),R2 (173.00), R1 (172.20), S1 (171.50), S2 (170.50). Use commas when