Daily analysis of GBP/JPY for June 12, 2014 Trend News

Overview

As it was expected yesterday, the pair reversed its downward move taking an upward move to the Support level of 171.00 after its failure to break it yesterday. Today and as shown in the H4 chart, the pair bounced from the Support area breaking the Resistance level of 171.50, and currently it is approaching the Resistance level of 172.00 trying to break it through to continue its bullish move which means more buy-signals. So we should wait till the price closes above the Resistance level of 172.00, before making a decision to have a bullish signal with the first target a few pips below the next Resistance level of 172.50. But closing below the Resistance level of 172.00 cancels the bullish move scenario.

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

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via Daily analysis of GBP/JPY for June 12, 2014 . Thanks for your support on Daily analysis of GBP/JPY for June 12, 2014