Daily analysis of GBP/JPY for May 19, 2014 Trend News

Overview

From the today's H4 chart, we can notice that the pair opened this week below the resistance level of 171.00 which would give the pair a good opportunity to start its bearish move. Actually and as shown, the pair took a slightly downward move and currently is trading above the support level of 170.00 and below the resistance level of 171.00. More bearish signals are still expected as long as the pair is trading below the resistance level, so we can consider our first target few pips above the support level 168.70, then it is preferred to wait for breaking this support level and closing 4H below to continue the bearish move.

Resistance and support levels: R3 (172.00), R2 (171.50), R1 (171.00), S1 (170.00), S2 (169.70), S3 (169.20).

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