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

Overview

As it was expected last week, more bullish signals would be expected in case of closing above the resistance level of 185.00. Today, as it is shown in the H4 chart, the pair has already managed to break the resistance level and close 4H above. Currently, the pair is approaching the resistance level of 186.70 trying to break it through to continue the upward move. More bullish signals would be expected in case of closing 4H above this resistance level with the first target few pips below the resistance level of 187.70, but closing below this Resistance level might cancel the upward trend move.

Resistance and support levels: R3 (188.50), R2 (187.70), R1 (186.70), S1 (185.80), S2 (185.00), S3(184.40)

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