Daily analysis of GBP/JPY for February 11, 2014 Trend News

Overview

According to our expectations yesterday, more bullish signals would be expected in case of closing above the Resistance area of 167.00-167.60 which is keeping its movement above the upward trend line. Today, as it is shown in the H4 chart, the pair has already managed to break the Resistance level and close 4H above it. Currently, the pair is approaching the Resistance level of 168.50 trying to break it through to continue the upward move. More bullish signals would be expected in case of closing 4H above this Resistance level with first target few pips below the Resistance level of 169.75 then 170.75 as the second target.

Resistance and Support levels: R3 (170.75), R2(169.75), R1(168.50), S1 (167.00), S2 (166.00), S3(165.00).

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 February 11, 2014 . Thanks for your support on Daily analysis of GBP/JPY for February 11, 2014