Daily analysis of GBP/JPY for March 27, 2014 Trend News

Overview

As it was expected yesterday, more bullish signals will be expected in case of closing above the Resistance level of 169.20. Today, as it is shown in the H4 chart, the pair has already managed to break the Resistance level and close 4H above. It is keeping its move inside the bullish channel. Currently, the pair is approaching the Resistance level of 170.50 trying to break it through to continue the upward move. More bullish signals would be expected in case of closing 4H above this Resistance level with the first target few pips below the Resistance level of 171.50 then 172.75 as the second target.

Resistance and support levels: R3 (172.75), R2 (171.50), R1 (170.50), S1 (169.75), S2 (169.20), S3(168.50).

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