Overview
In the H4 chart, the pair reversed its downward move taking an upward move due to the strong Support level of 171.50. Today as shown in the H4 chart, the pair bounced from the Support area breaking the Resistance level of 172.30. Currently, it is testing the Resistance level of 172.60 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 172.60 before making the decision to have a bullish signals with the first target few pips below the next Resistance level of 173.30. But closing below the Resistance level of 172.60 cancels the bullish move scenario.
Resistance and Support levels: R3 (173.75), R2(173.30), R1(172.60), S1 (172.30), S2 (171.50), S3(171.00).
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For detail explanation and best discovery on market trends you may visit via Daily analysis of GBP/JPY for August 07, 2014 . Thanks for your support on Daily analysis of GBP/JPY for August 07, 2014
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