Thursday 26 June 2014

Daily analysis of GBP/JPY for June 26, 2014 Trend News

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Overview


The 4H chart shows that the pair failed more than once to break the Support level of 172.75 and is still trading above it since yesterday. As we see, the pair bounced from the Support area again and started to take a slightly upward move approaching the Resistance level of 173.50. Currently, it is prefered to wait till closing above this Resistance level before making the decision. In this case we will get more bullish signals with the first target few pips below the next Resistance level of 174.00 then 174.40 as the second target. But closing below the Resistance level of 173.50 cancels the bullish move scenario.


Resistance and support levels: R3 (174.40), R2 (174.00), R1 (173.50), S1 (172.75), S2 (172.00), S3 (171.50).


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



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