Overview
In the shown H4 chart, the pair failed more than once to break the Support level of 172.00 and is still trading above it since yesterday. In the today's H4 chart the pair bounced from the Support area again and started to take a slightly upward move approaching the Resistance level of 172.80. Currently, it is preferred to wait till closing above this Resistance level before making the decision and in this case we will get more bullish signals with the first target few pips below the next Resistance level of 173.50 then 174.00 as the second target. But closing below the Resistance level of 172.80 cancels the bullish move scenario.
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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For detail explanation and best discovery on market trends you may visit via Daily analysis of GBP/JPY for May 08, 2014 . Thanks for your support on Daily analysis of GBP/JPY for May 08, 2014
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