Yesterday, the pair failed to break the Support level of 168.50 to reverse its bearish movement and took a slightly upward move. As seen in today's H4 chart, it is currently trading below the Resistance level of 169.50. Given that, the pair continues its bullish movement and closes 4H above the Resistance level of 169.50, it would be another opportunity for more bullish signals with first target few pips below the Resistance level of 170.00, then we should wait for breaking above this Resistance level to get more bullish signals towards the Resistance level of 170.75 as a second target.
Resistance and Support levels: R3 (170.75), R2(170.00), R1(169.50), S1 (168.50), S2 (167.75), S3(167.10).
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For detail explanation and best discovery on market trends you may visit via Daily analysis of GBP/JPY for January 30, 2014 . Thanks for your support on Daily analysis of GBP/JPY for January 30, 2014
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