Daily analysis of GBP/JPY for March 19, 2014 Trend News

Overview

In 4H chart, the pair failed to break the Support level of 167.75 more than once. It has been trading above it since yesterday. Today the 4H chart shows that the pair bounced from the Support area again and started to take a slightly upward move approaching the Resistance level of 169.20. Currently, it is prefered to wait for closing above this Resistance level, before making the decision and in this case we will get more bullish signals with the first target few pips below the next Resistance level of 169.75 then 170.00 as the second target. But closing below the Resistance level of 169.20 cancels the bullish move scenario.

Resistance and support levels: R3 (170.50), R2 (169.75), R1(169.20), S1 (168.50), S2 (167.75), S3 (167.00).

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