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

Overview:

In today's 4H chart, yesterday's closing below the resistance level of 173.50 gave the price an opportunity for a bearish move. As shown here, currently the price is trying to continue its bearish move by breaking the support level of 171.50 and closing 4H below. In that case, we may get another opportunity for more sell signals, and it opens the way towards the level of 170.50, as first target, and then the price should test the support level firstly to continue its bearish move. But as long as the price stabilizes above the support level of 171.50, it cancels the first scenario.

Resistance and support levels: R3(173.50), R2(172.75), R1 (172.00), S1(171.50), S2 (170.50), S3 (169.75).

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