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

Overview 

Based on today's H4 chart and according to our yesterday's expectations, the pair might take new bullish signals in case of closing 4H above the resistance level of 170.00 after it was tested yesterday. Today, the pair took an upward movement and managed to break the strong resistance area. Currently, the price is approaching the resistance level of 171.50 trying to break it through to continue the bullish move. More bullish signals are still expected in case of closing above this resistance level again with first target few pips below the resistance level of 172.00. Hence, we should wait for more confirmations before making the decision. 

Resistance and Support levels: R3 (172.60), R2(172.00), R1(171.50), S1 (171.00), S2 (170.00), S3(169.50).