Daily analysis of GBP/JPY for January 09, 2015 Market Analysis Review

Overview

According to today's H4 chart, yesterday's closing below the resistance level of 181.00 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 is approaching the support level of 180.00. In that case, we might get another opportunity for more sell signals which will open the way towards 179.30 as the first target. Then the price should test the support level of 179.30 to continue its bearish move. But as long as the price stabilizes above the support level of 180.00, this cancels the first scenario.

Resistance and support levels: R3 (182.50), R2 (181.70), R1 (181.00), S1 (180.00), S2 (179.30), S3 (179.00).

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