FX.co ★ Daily analysis of GBP/JPY for July 22, 2014

In the 4H chart, closing below the Resistance level of 173.30 gives the price an opportunity for a slightly bearish move again. As it is shown here, currently the price is trying to continue its bearish move by breaking the Support level of 172.75 and closing 4H below which is tested now. In that case, we might get another opportunity for more sell signals and it opens the way towards 172.30, as the first target. Then, the price should test the Support level of 172.30 to continue its bearish move. But as long as the price stabilizes above the Support level of 172.75, it cancels the first scenario.

Resistance and support levels: R3 (174.40), R2 (173.75), R1 (173.30), S1 (172.75), S2 (172.30), S3(169.90)