Overview
According to today's 4H chart, closing below the resistance level of 173.50 gave the price an opportunity to make a bearish move after it has failed to break it through. As shown here, currently the price is trying to continue its bearish move and is approaching support level of 172.80. In this case, we might get another opportunity for more sell signals which will open the way towards 172.00 as the first target. Then the price should test the support level first to continue its bearish move. But as long as the price stabilizes above the support level 172.80, this cancels the first scenario.
Resistance and support levels: R3 (174.40), R2 (174.00), R1 (173.50), S1 (172.80), S2 (172.00), S3 (171.50).
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For detail explanation and best discovery on market trends you may visit via Daily analysis of GBP/JPY for May 02, 2014 . Thanks for your support on Daily analysis of GBP/JPY for May 02, 2014
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