FX.co ★ Daily analysis of GBP/JPY for April 16 , 2014

Overview

In the today's H4 chart and as it was expected yesterday, we should wait for breaking the Resistance level of 172.00 before making a decision to continue the bullish move. Today and as it is shown in the H4 chart, the pair failed to break this Resistance level to reverse its bullish move taking a new bearish move to approach the Support level of 171.50. Currently, it is testing the Support area trying to break it through to continue its bearish move. If the pair manages to break this Support area and closes 4H below, it would be another good opportunity for more sell-signals till reaching the Support level of 170.50 as the first target.

Resistance and support levels: R3 (173.50) R2 (173.00) R1 (172.00), S1 (171.50), S2 (170.50), S3 (169.75).