Daily analysis of GBP/JPY for November 18, 2014 Market Analysis Review

Overview

Proceeding from the today's H4 chart, the pair is still trading between the Support level of 181.00 and the Resistance level of 183.30. Meanwhile, the pair has failed again to break the Resistance level. If the pair breaks it to take an upward movement, it may continue its bullish trend and we will get a good opportunity to buy again above the Resistance level of 183.30 till closing 4H above the Resistance level at 184.40 as a target level. Then, we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level at 185.00. On the other hand, if the pair fails to break the Resistance level of 183.30 and bounces from it, it may take a downward trend, which might push the Support level to 181.00 again. Therefore, we suggest waiting for the next closing before making a decision.

Resistance and support levels: R3 (185.00), R2 (184.40), R1 (183.30), S1 (181.00), S2 (180.00), S3 (179.00).

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