Overview
In the 4H chart, today's closing below the resistance level of 172.75 gives the price an opportunity for a new bearish trend. As shown here, currently, the price may reverse its bullish trend of last week to start its bearish move by breaking the support level of 171.50 and closing below it. In that case, we may get another opportunity for more sell signals, and it opens the way towards 170.50 as the first target, and then the price should test the support level to continue its bearish move. But as long as the price stabilizes above the support level of 171.50, it cancels the first scenario.
Resistance and support levels: R3 (174.00), R2 (173.70), R1 (172.75), S1 (171.50), S2 (170.50), S3 (169.75).
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For detail explanation and best discovery on market trends you may visit via Daily analysis of GBP/JPY for April 02, 2014 . Thanks for your support on Daily analysis of GBP/JPY for April 02, 2014
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