FX.co ★ Daily analysis of GBP/JPY for November 21, 2014

Overview

Proceeding from the today's H4 chart, the pair is still trading between the Support level of 184.40 and the Resistance level of 186.00. Currently, the pair fails again to break the Resistance level. If the pair breaks it to take an upward movement, it might continue its bullish trend and we will get a good opportunity to buy again above the Resistance level of 186.00 till closing 4H above the Resistance level of 186.60 as a target level. Then we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 187.00. On the other hand, if the pair fails to break the Resistance level of 186.00 and bounces from it, it may take a downward trend, which would enable the Support level of 184,40 again. Therefore, we suggest waiting for the next closing before making a decision.

Resistance and support levels: R3 (187.00) R2 (186.60) R1 (186.00), S1 (184.40), S2 (183.30), S3 (181.00).