FX.co ★ Daily analysis of GBP/JPY for March 03, 2014

Overview

From the today's H4 chart, we find that the pair opened this week above the Support level of 168.50 and below the Resistance level of 169.75. Currently, it is testing the Resistance level of 168.50 to continue its bullish trend. Given that the pair continues its bullish movement and closes 4H above the Resistance level, it would be another opportunity for more bullish signals with first target few pips below the Resistance level of 170.50, then we should wait for breaking above this Resistance level to get more bullish signals towards the Resistance level of 171.50 as the second target. But as long as the price is trading below the Resistance level of 169.75 and cannot break it through, this cancels the bullish scenario. 

Resistance and support levels: R3 (171.50), R2 (170.50), R1 (169.75), S1 (168.50), S2 (167.75), S3 (167.00).