FX.co ★ Daily analysis of GBP/JPY for July 10, 2014

Overview

As 4H chart shows, closing below the resistance level of 173.50 gives the price an opportunity of 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 may get another opportunity for more sell signals. It opens the way towards 170.30, as the first target. Then, the price should test the support level of 172.00 to continue its bearish move. But as long as the price stabilizes above the support level of 172.75, it cancels the first scenario.