Daily analysis of GBP/JPY for July 29, 2014 Trend News

Overview

As shown in today's H4 chart, the pair failed again to break the Support level of 172.60. It is still trading between the Support level and below the Resistance level of 173.30. Currently, the pair is bouncing from the Support level and starting a bullish move. So, we still suggest waiting for closing above the Resistance level of 173.30 in order to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 173.75. Then, after breaking this Resistance level, the pair would open the way towards the Resistance level of 174.40 which means more bullish signals, but as long as the metal trades below the Resistance level of 173.30, this cancels the bullish 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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