Daily analysis of GBP/JPY for October 14, 2014 Market Analysis Review

Overview

According to the today's H4 chart, yesterday's closing below the resistance level of 172.00 provided an opportunity to make a bearish move after the price has failed to break it through. As shown here, currently the price is trying to continue its bearish move and is approaching support level of 169.90. In that case we may get another opportunity for more sell signals which will open the way towards the level of 169.50 as the first target. 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 169.90, it cancels the first scenario.

Resistance and Support levels: R3 (172.00), R2(171.50), R1(170.70), S1 (169.90), S2 (169.50), S3(169.10).

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