FX.co ★ Daily analysis of GBP/JPY for May 05, 2014

Overview

In today's H4 chart, we can notice that the pair opened this week below the Resistance level of 172.80 which would give the pair a good opportunity to start its bearish move. Actually and as shown, the pair took a slightly downward move and currently is trading above the support level of 172.00 and below the resistance level of 172.80. 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 171.50, then it is preferred to wait for breaking this support level and closing 4H below to continue the bearish move.