FX.co ★ Daily analysis of GBP/JPY for November 27, 2014

Overview 

From today's H4 chart, yesterday's closing below the resistance level of 186.00 gave the price an opportunity for a bearish move. As shown on the attached chart, the price is trying to continue its bearish move but it will hit the strong Support area of the Support level of 184.40 trying to break it through. In that case, we might get another opportunity for more sell signals, and it opens the way towards the second support level of 183.30 as first target, and then the price should test the support level of 182.50 to continue its bearish move. But as long as the price stabilizes above the support level of 186.00, it cancels the first scenario.

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