FX.co ★ Daily analysis of GBP/JPY for February 12, 2015

Overview

On the H4 chart the yesterday's close below the resistance level of 184.00 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 182.50 and closing H4 below. In that case, we might get another opportunity for more sell signals; and it opens the way towards 182.00 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 182.50, this cancels the first scenario.

Resistance and support levels: R3 (184.40), R2 (184.00), R1 (183.50), S1 (182.50), S2 (182.00), S3 (181.00).