FX.co ★ Daily analysis of GBP/JPY for April 14, 2014

Overview

From the shown 4H chart, the pair failed to break the Support level of 169.75 more than once and is still trading above it since yesterday. From the today's 4H chart the pair bounced from the Support area again and took a slightly upward move approaching the Resistance level of 170.50. Currently, it is prefered to wait till 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 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 (173.00) R2 (172.00) R1 (171.50), S1 (169.75), S2 (169.20), S3 (168.50).