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

Overview

As shown on the today's H4 chart, this week the pair has opened below the Resistance level of 172.50 which means the pair will almost reverse its bullish move this week, it takes a downward move. Today the pair has already started its downward move after it had hit the Resistance level of 172.50 and bounced from it to take a slightly downward move. Currently, the pair is approaching the Support level of 172.00. Therefore, we should stop selling now till breaking this Support level and closing 4H below. In that case the pair will continue its downward move and open the way towards the next Support level of 171.50 to continue its bearish scenario, so we can suppose our first target few pips above this level.

Resistance and support levels: R3 (173.75), R2 (173.00), R1 (172.50), S1 (172.00), S2 (171.50), S3 (171.00).