Daily analysis of GBP/JPY for December 11, 2014 Market Analysis Review

Overview

From today's H4 chart, yesterday's closing below the resistance level of 186.70 gave the price an opportunity for a bearish move. As shown on the attached chart, the price is trying to continue its bearish move, but it will hit the strong support area of the support level of 185.00 trying to break it through. In that case, we might get another opportunity for more sell signals, and it opens the way towards the second support level of 184.40 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 185.00, it cancels the first scenario.

Resistance and support levels: R3 (187.50), R2 (186.70), R1 (185.80), S1 (185.00), S2 (184.40), S3 (183.80).

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