FX.co ★ Daily analysis of GBP/JPY for March 10, 2015

Overview

On the H4 chart the closure below the resistance level of 183.50 gives 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 which it is being tested now. In that case, we might get another opportunity for more sell signals and it opens the way towards the level of 182.00 as the first target. Then, the price should test the support level of 181.50 to continue its bearish move. But as long as the price stabilizes above the support level of 182.50, it cancels the first scenario.

Resistance and support levels: R3 (184.60), R2 (184.00), R1 (183.50), S1 (182.50), S2 (182.00), S3 (181.50).