Daily analysis of GBP/JPY for July 23, 2014 Trend News

Overview

Proceeding from the today's H4 chart, the pair is still trading between the Support level of 172.60 and the Resistance level of 173.30. Currently, the pair fails again to break the Support level. If the pair bounces from it to take an upward movement, it may continue its bullish trend. So, we will get a good opportunity to buy again above the Resistance level of 173.30 till closing 4H above the Resistance level of 173.75 as a level target. Then, we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 174.40. On the other hand, if the pair fails to break the Resistance level of 173.30 and bounces from it, it might take a downward trend, which will enable the Support level of 172.60 again. Therefore, we suggest waiting for the next closing before making the decision.

Resistance and support levels: R3 (174.40), R2 (173.75), R1 (173.30), S1 (172.60), S2 (172.30), S3(169.90)

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