FX.co ★ Daily analysis of GBP/JPY for March 25, 2014

Overview

In H4 chart, the pair failed more than once to break the Support level of 168.50 and it has been trading above it since yesterday. it's expected that the pair bounces from the Support area again and starts to take a slightly upward move, approaching the Resistance level of 169.20. 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 169.75 then 170.50 as the second target. But closing below the Resistance level of 169.20 cancels the bullish move scenario.

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