FX.co ★ Daily analysis of GBP/JPY for February 28, 2014

Overview 

In H4 chart, the pair failed more than once to break the Support level of 169.75 and it has been trading above it since yesterday. In today's H4 chart the pair bounced from the Support area again and started to take a slightly upward move approaching the Resistance level of 170.50 which is already tested now. Currently, it is prefered to wait till closing above this Resistance level before making a decision and in this case we will get more bullish signals with the first target few pips below the next Resistance level of 171.50, then 172.00 as the second target. But closing below the Resistance level of 170.50 cancels the bullish move scenario. 

Resistance and support levels: R3 (172.00), R2 (171.50), R1 (170.50), S1 (169.75), S2 (168.50), S3 (167.00).