Daily analysis of GBP/JPY for June 16, 2014 Trend News

Overview

Today's H4 chart shows that the pair opened this week above the Resistance level of 172.50 as shown. Currently, it is trading above it to continue its bullish trend. Given that the pair continues its bullish movement and closes 4H above the Resistance level after the closing of the current H4 candle, it would be another opportunity for more bullish signals with first target few pips below the Resistance level of 173.50. Then, we should wait for breaking above this Resistance level to get more bullish signals towards the Resistance level of 174.00 as the second target. But as long as the price is trading below the Resistance level of 173.50 and cannot break it through, this cancels the bullish scenario.

Resistance and Support levels: R3 (174.40), R2 (174.00), R1 (173.50), S1 (172.50), S2 (172.00), S3 (171.50).

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