Daily analysis of GBP/JPY for January 31, 2014 Trend News

Overview

In H4 chart, the pair failed to break the Support level of 168.50 more than once to continue its bearish move. It has been trading above since yesterday. Today, the H4 chart shows that the pair bounced from the Support area again and started to take a slightly upward move approaching the Resistance level of 169.50. Currently, it is better to wait for closing above this Resistance level, before making the decision and in this case we will get more bullish signals with the first target few pips below the next Resistance level of 170.00 then 170.75 as the second target. But closing below the Resistance level of 169.50 cancels the bullish move scenario.

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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