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

Overview 

From the today's H4 chart and as it was expected yesterday, the pair might take a new bullish signals in case of closing 4H above the resistance level of 183.30 after it has been tested yesterday. Today the pair took an upward movement and managed to break the strong resistance area of 183.30, but immediately it bounced again from the resistance level of 184.40 to reverse its upward direction and currently the price is trading around this resistance area. More bullish signals are still expected in case of closing above this resistance area with first target few pips below the resistance level of 185.00, hence we should wait for more confirmations before making the decision. 

Resistance and support levels: R3 (185.50), R2 (185.00), R1 (184.40), S1 (183.30), S2 (181.00), S3 (180.00).