Daily analysis of GBP/JPY for January 16, 2014 Trend News

Overview

From the today's H4 chart, yesterday's closing below the Resistance level 152.85 gives the price an opportunity for a bearish move after its failure to break the Resistance level once again. As shown in the chart, the price is trying to continue its bearish movecurrentlyby breaking the Support level 170.50 and closing 4h below. In that case we may get another opportunity for more sell signals and it opens the way towards 169.80 as the first target. Then, the price should test the Support level to continue its bearish move. But in case the price stabilizes above the Support level of 170.50, it will cancels the first scenario.

Resistance and Support levels:R3 (173.00)R2(172.20) R1(171.50), S1 (170.50) S2(169.80) S3(169.00)

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via Daily analysis of GBP/JPY for January 16, 2014 . Thanks for your support on Daily analysis of GBP/JPY for January 16, 2014