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

Overview

According to today's 4H chart, closing below the resistance level of 188.50 gave the price an opportunity to make a bearish move after it failed to break it through. As shown here, currently the price is trying to continue its bearish move and approaching the support level of 187.50. In this case, we might get another opportunity for more sell signals which will open the way towards 186.70 as the first target. Then, at first, the price should test the support level to continue its bearish move. But as long as the price stabilizes above the support level 187.50, it cancels the first scenario.

Resistance and support levels: R3 (190.00), R2 (189.70), R1 (188.50), S1 (187.50), S2 (186.70), S3 (185.80).

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