Daily analysis of GBP/JPY for August 28, 2014 Trend News

Overview

From today's H4 chart, yesterday's closing below the resistance level of 172.60 gives the price an opportunity for a bearish move after its failure to break the resistance level once again. As shown in the chart, the price is trying to continue its bearish move by breaking the support level of 172.00 and closing 4h below. In that case, we might get another opportunity for more sell signals and it opens the way towards 171.50 as the first target. Then, the price should test the support level to continue its bearish move. But in case the price stabilizes above the support level of 172.00, it will 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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