FX.co ★ Daily analysis of GBP/JPY for September 19, 2014

Overview 

Today, 4H chart show that yesterday's closing below the resistance level of 180.50 gives the price an opportunity for a bearish move. As shown here, currently, the price is reversing its bullish trend of yesterday trying to continue its bearish move by breaking the support level of 179.80 and closing below it. In that case, we might get another opportunity for more sell signals, and it opens the way towards 178.00, as the first target, and then the price should test the support level of 178.00 to continue its bearish move. But as long as the price stabilizes above the support level, this cancels the first scenario. 

Resistance and support levels: R3 (181.00), R2 (180.50), R1(179.80), S1 (178.00), S2 (177.30), S3 (176.50).