Daily analysis of GBP/JPY for August 26, 2014 Trend News

Overview

In 4H chart, closing below the resistance level of 172.60 gives the price an opportunity for a slightly bearish move again. As it is shown here, currently the price is trying to continue its bearish move by breaking the support level of 172.00 and closing 4H below which is tested now. In that case, we might get another opportunity for more sell signals which opens the way towards 171.50 as the first target. Then, the price should test the support level of 171.50 to continue its bearish move. But as long as the price stabilizes above the support level of 172.00, this cancels the first scenario.

Resistance and Support levels: R3 (173.75), R2(173.30), R1(172.60), S1 (172.00), S2(171.50), S3(171.00)

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