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

Overview

Today's H4 chart shows that the pair might take a new bullish signal after it has closed above the Resistance level of 171.50. Today the pair has taken an upward movement approaching the resistance level of 172.00 trying to break it through to continue the bullish trend. Currently, the quote is trading below the resistance level of 172.00. More bullish signals are still expected in case of closing above this resistance level with the first target placed few pips below the resistance level of 172.75, hence we should wait for more signals before making the decision.

Resistance and support levels: R3 (173.50), R2 (172.75), R1 (172.00), S1 (171.50), S2 (171.00), S3 (170.00).