Daily analysis of GBP/JPY for February 13, 2014 Trend News

Overview

Based on today's H4 chart, after failing to break the intersection point yesterday between the lower limit of upward trend line with the Support level of 168.50, the pair reversed its bearish movement taking an upward move and managed to break the Resistance level of 169.75. Currently, the pair is approaching the Resistance level of 170.75 keeping its movement above the upward trend line. In case the pair continues its bullish movement and closes 4H above the Resistance level, it will be another opportunity for more bullish signals with first target few pips below the Resistance level of 171.50. Then, we should wait for breaking above this Resistance level to get more bullish signals towards the Resistance level of 172.00 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).

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