FX.co ★ Daily analysis of GBP/JPY for July 24, 2014

Overview

The 4H chart shows that the pair failed more than once to break the Support level of 172.60 and is still trading above it since yesterday. As we see, the pair bounced from the Support area again and started to take a slightly upward move approaching the Resistance level of 173.30. Currently, it is prefered to wait till closing above this Resistance level before making the decision. In this case, we will get more bullish signals with the first target few pips below the next Resistance level of 173.75 then 174.40 as the second target. But closing below the Resistance level of 173.30 cancels the bullish move scenario.

Resistance and support levels: R3 (174.40), R2 (173.75), R1 (173.30), S1 (172.60), S2 (172.30), S3(169.90)