Daily analysis of GBP/JPY for July 25, 2014 Trend News

Overview

As it was expected yesterday, we should make the decision after breaking the Support area of 172.60 and closing 4H below. As shown on the H4 chart, the pair failed to break this Support area yesterday and bounced from it again to reverse its bearish move taking an upward movement. Currently, it is approaching the Resistance level of 173.30 to retest it. Given that the pair continues its bullish move and manages to close 4H above this Resistance level, it gives us new opportunity for Buy signals above this Resistance level with the first target few pips below the Resistance level of 173.75 then 174.40 as the second target. But as long as the pair is trading below the Resistance level of 173.30, this cancels the bullish move scenario.

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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