Daily analysis of GBP/JPY for June 10, 2014 Trend News

Overview

In today's H4 chart and as it was expected yesterday, we should wait for breaking the Resistance level of 172.50 before making a decision in order to continue the bullish move. Today and as it is shown in the H4 chart, the pair failed to break this Resistance level to reverse its bullish move. Currently, it is stabilizing below the Resistance level of 172.00 and above the Support level of 171.50 to continue its bearish move. If the pair manages to break this Support area and closes below the Support level next week, it would be another good opportunity for more sell-signals till reaching the Support level of 170.50 as the first target.

Resistance and support levels: R3 (173.00), R2 (172.50), R1 (172.00), S1 (171.50), S2 (171.00), S3 (170.50).

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