Daily analysis of GBP/JPY for March 20, 2014 Trend News

Overview

Today, 4H chart show that yesterday's closing below the resistance level of 169.75 gives the price an opportunity for a bearish move. As shown here, currently, the price is reversing its bullish trend of yesterday trying to continue its bearish move by breaking the support level of 168.50 and closing below it. In that case, we may get another opportunity for more sell signals, and it opens the way towards 167.75, as the first target, and then the price should test the support level of 167.00 to continue its bearish move. But as long as the price stabilizes above the support level of 168.50, it cancels the first 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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