Daily analysis of GBP/JPY for May 07, 2014 Trend News

Overview

Proceeding from the today's H4 chart, the pair is still trading between the Support level of 172.00 and the Resistance level of 172.80 and currently the pair fails again to break the Resistance level. If the pair breaks it to take an upward movement, it may continue its bullish trend and we will get a good opportunity to buy again above the Resistance level till closing 4H above the Resistance level of 173.50 as a target. Then we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 174.00. On the other hand, if the pair failed to break the Resistance level of 172.80 and bounces from it, it may take a downward trend, which will enable the Support level of 172.00 again, Therefore, we suggest waiting for the next closing before making the decision.

Resistance and support levels: R3 (174.00), R2 (173.50), R1 (172.80), S1 (172.00), S2 (171.50), S3 (171.00).

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