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

Overview

According to today's 4H chart, yesterday's breaking of the support level at 171.50 gave the price an opportunity to keep its bearish move after closing below it. As shown here, currently the price is trying to continue its bearish move and is approaching support level of 170.50 to test it. In that case, we may get another opportunity for more sell signals, which will open the way towards the level of 169.75 as the first target. 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 170.50, it cancels the first scenario.

Resistance and support levels: R3 (172.75), R2 (172.00), R1 (171.50), S1 (170.50), S2 (169.75), S3 (169.20).

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