FX.co ★ Daily analysis of GBP/JPY for March 24, 2014

Overview

In the today's H4 chart, we can notice that the pair opened this week below the Resistance level of 169.20 that would give the pair a good opportunity to start its bearish move. Actually, as shown, the pair took a slightly downward move and currently is trading above the support level of 168.50 and below the resistance level of 169.20 directly. More bearish signals are still expected as long as the pair is trading below the resistance level, so we can consider our first target few pips above the support level of 167.75, then it is preferred to wait for breaking this support level and closing 4H below to continue the bearish move.

Resistance and support levels: R3 (170.50), R2 (169.75), R1 (169.20), S1 (168.50), S2 (167.75), S3 (167.00).