FX.co ★ Daily analysis of GBP/JPY for July 11, 2014

Overview 

From the today's H4 chart, the pair failed to continue its bearish move and could not break the Support level of 173.00 and bounced from it to reverse its downward move taking an upward movement and managed to close above this Support level. Currently, the pair is approaching the Resistance level of 173.50 and testing it, trying to break it through to continue the upward move. More bullish signals would be expected in case of closing 4H above this Resistance level with the first target few pips below the Resistance level of 174.40 then 174.75 as the second target.

Resistance and support levels: R3 (174.75) R2 (174.40) R1 (173.50), S1 (173.00), S2 (172.30), S3 (171.75).