Daily analysis of GBP/JPY for March 26, 2014 Trend News

Overview
As shown in the H4 chart, the pair has failed more than once to break the Support level of 168.50 and is still trading above it since yesterday. The pair bounced from the Support area again and started to take a slightly upward move approaching the Resistance level of 169.75. Currently, it is preferred to wait till closing above this Resistance level before making the decision. In this case we will get more bullish signals with the first target few pips below the next Resistance level of 170.50 then 171.50 as the second target. But closing below the Resistance level of 169.75 cancels the bullish move scenario.

Resistance and support levels: R3 (171.50) R2 (170.50) R1 (169.75), S1 (169.20), S2 (168.50), S3 (167.75).

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