Daily analysis of GBP/JPY for October 09, 2014 Market Analysis Review

Overview

In the 4H chart, today's closing below the resistance level of 175.00 gives the price an opportunity for a new bearish trend. As shown here, currently, the price may reverse its bullish trend of last week to start its bearish move by breaking the support level of 174.40 and closing below it. In that case, we may get another opportunity for more sell signals. It would open the way towards 173.70 as the first target, and then the price should test the support level to continue its bearish move. But as long as the price stabilizes above the support level of 174.40, it cancels the first scenario.

Resistance and support levels: R3 (176.75), R2 (176.00), R1 (175.00), S1 (174.40), S2 (173.70), S3 (173.30).

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