FX.co ★ Daily analysis of GBP/JPY for April 09, 2014

Overview

In H4 chart, the pair failed to break the Support level of 170.50 more than once. It has been trading above it since yesterday. Today the H4 chart shows that the pair bounced from the Support area again and started to take a slightly upward move approaching the Resistance level of 171.50. Currently, it is prefered to wait for closing above this Resistance level, before making the decision and in this case we will get more bullish signals with the first target few pips below the next Resistance level of 172.00, then 173.00 as the second target. But closing below the Resistance level of 171.50 cancels the bullish move scenario.

Resistance and support levels: R3 (173.00), R2 (172.00), R1(171.50), S1 (170.50), S2 (169.75), S3 (169.20).