Overview
From the today's H4 chart, we find that the pair opened this week above the support level of 170.50 and below the resistance level of 171.50. Currently, it is testing the resistance level of 171.50 to continue its bullish trend. Given that the pair continues its bullish movement and closes 4H above the resistance level, it would be another opportunity for more bullish signals with first target few pips below the resistance level of 172.00, then we should wait for breaking above this resistance level to get more bullish signals towards the resistance level of 173.00 as the second target. But as long as the price is trading below the resistance level of 171.50 and cannot break it through, this cancels the bullish scenario.
Resistance and support levels: R3 (173.00) R2 (172.00) R1 (171.50), S1 (170.50), S2 (169.75), S3 (169.20).
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For detail explanation and best discovery on market trends you may visit via Daily analysis of GBP/JPY for April 07, 2014 . Thanks for your support on Daily analysis of GBP/JPY for April 07, 2014
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