FX.co ★ Daily analysis of GBP/JPY for September 02, 2014

Overview

As it was expected last week, more bullish signals would be expected in case of closing above the resistance level of 172.60. Today, as it is shown in the H4 chart, the pair has already managed to break the resistance level and close 4H above it. Currently,the pair is approaching the resistance level of 173.80 trying to break it through to continue the upward move. More bullish signals would be expected in case of closing 4H above this resistance level with the first target few pips below the resistance level of 174.40, then 175.00 as the second target.

Resistance and support levels: R3 (175.00),R2 (174.40), R1 (173.80), S1 (173.30), S2 (172.60), S3(172.00)