Daily analysis of GBP/JPY for February 12, 2014 Trend News

Overview

Based on today's H4 chart and according to our yesterday's expectations, the pair might take new bullish signals in case of closing 4H above the resistance level of 168.50 after it was tested yesterday. Today, the pair took an upward movement and managed to break the strong resistance area keeping its move above the bullish trend line. Currently, the price is approaching the resistance level of 169.75 trying to break it through to continue the bullish move. More bullish signals are still expected in case of closing above this resistance level again with first target few pips below the resistance level of 170.75. Hence, we should wait for more confirmations before making the decision.

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

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