logo

FX.co ★ Daily analysis of GBP/JPY for April 18, 2014

Daily analysis of GBP/JPY for April 18, 2014

Daily analysis of GBP/JPY for April 18, 2014

Overview

From the shown H4 chart, the pair failed more than once to break the support level of 171.50 and is still trading above it since yesterday. From the today's H4 chart the pair bounced from the support area again and started to take a slightly upward move approaching the resistance level of 172.00. Currently, it is prefered to wait till closing above this resistance level before making the decision and in this case we will get more bullish signals with the first target few pips below the next resistance level of 173.00 then 173.50 as the second target. But closing below the resistance level 171.50 cancels the bullish move scenario.

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

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Open trading account