Daily analysis of GBP/JPY for February 17, 2014 Trend News

Overview

From today's H4 chart and as it was expected last week, we see that we should wait for breaking the Resistance level of 171.00 before making the decision to continue the bullish move. Today and as it is shown on the H4 chart, the pair failed to break this Resistance area and bounced from it to stabilize below the Resistance level of 171.00 since yesterday and reversed its bullish move taking a slightly bearish move closer to the Support level of 169.75. Currently, it is approaching the Support level trying to break it through to continue its bearish move. If the pair manages to break this Support level and closes 4H below, it would be another good opportunity for more sell signals till reaching the Support level of 168.50 as the first target.

Resistance and support levels: R3 (172.30), R2 (171.50), R1 (171.00), S1 (169.75), S2 (168.00), S3(167.00).

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