FX.co ★ Daily analysis of GBP/JPY for April 23, 2014

Overview

From the today's H4 chart, yesterday's closing below the resistance level of 172.75 gave the price an opportunity for a bearish move. As shown here, currently the price is trying to continue its bearish move by breaking the support level of 171.50 which is tested now. In that case, we may get another opportunity for more sell signals, and it opens the way towards 170.50 as first target, and then the price should test the support level of 169.75 to continue its bearish move. But as long as the price stabilizes above the support level of 171.50, it cancels the first scenario.

Resistance and support levels: R3 (173.00) R2 (172.75) R1 (172.00), S1 (171.50), S2 (170.50), S3 (169.75).