Daily analysis of GBP/JPY for February 17, 2015 Market Analysis Review

Overview

According to today's H4 chart, yesterday's closing below the resistance level of 182.50 gave the price an opportunity to make a bearish move after it has 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 182.00 after breaking the support levels of 182.50. In that case, we might get another opportunity for more sell signals, ant it will open the way towards 181.00 as the first target. Then the price should test the support level of 180.50 to continue its bearish move. But as long as the price stabilizes above the support level of 182.00, it cancels the first scenario.

Resistance and support levels: R3 (184.00), R2 (183.50), R1 (182.50), S1 (182.00), S2 (181.00), S3 (180.50).

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