Daily analysis of GBP/JPY for May 21, 2014 Trend News

Overview

According to our yesterday's forecast, more bullish signals would be expected in case of closing above the Resistance level of 171.00. Today, as it is shown in the H4 chart, the pair has already managed to break the Resistance level and close 4H above it. Currently, the pair is approaching the Resistance level of 171.50 trying to break it through to continue the upward move. More bullish signals would be expected in case of closing 4H above this Resistance level with first target few pips below the Resistance level of 172.00 then 172.75 as the second target.

Resistance and Support levels: R3 (172.75), R2 (172.00), R1 (171.50), S1 (171.00), S2 (170.00), S3 (169.75)

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