Daily analysis of GBP/JPY for May 13, 2014 Trend News

Overview
From today's H4 chart, yesterday's closing below the resistance level of 172.75 gave the price an opportunity for a bearish move. As shown in on the attached chart, the price is trying to continue its bearish move but it will hit the strong Support area of the Support level of 172.00 trying to break it through. In that case, we might get another opportunity for more sell signals, and it opens the way towards the second support level of166.25, as first target, and then the price should test the support level of 172.00 to continue its bearish move. But as long as the price stabilizes above the support level of 172.00, it cancels the first scenario.

Resistance and support levels: R3 (174.00), R2 (173.50), R1 (172.75), S1 (172.00), S2 (171.50), S3 (171.00).

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