FX.co ★ Daily analysis of GBP/JPY for June 19, 2014

Overview

In 4H chart, yesterday's close below the resistance level of 173.50 gave the price an opportunity for a slightly bearish move again. As it is shown here, currently the price is trying to continue its bearish move by breaking the support level of 172.75 and closing 4H below. In that case, we might get another opportunity for more sell signals and it opens the way towards 172.00 as a first target, and then the price should test the support level to continue its bearish move. But as long as the price stabilizes above the support level of 172.75, this cancels the first scenario.

Resistance and support levels: R3 (174.40), R2 (174.00), R1 (173.50), S1 (172.75), S2 (172.00), S3 (171.50).