Daily analysis of GBP/JPY for July 15, 2014 Trend News

Overview

As it was expected yesterday, the pair reversed its downward move taking an upward move from the Support level of 173.00 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 173.50. Currently, it is approaching the Resistance level of 174.40 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 174.40 before making the decision to have a bullish signals with the first target few pips below the next Resistance level at 174.75. But closing below the Resistance level of 174.40 cancels the bullish move scenario.

Resistance and Support levels: R3 (175.25), R2(174.75), R1(174.40), S1 (173.50), S2 (173.00), S3(172.30)

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