Daily analysis of GBP/JPY for March 05, 2015 Market Analysis Review

Overview

The H4 chart demonstrates today that the pair still cannot break the support area of 182.50 and it is currently trading above the support area, so we should wait for the midday closing. If the pair manages to close H4 below it, there will be a good opportunity to sell until reaching the support level of 182.00 after closing H4 below it. After that we should wait for breaking out this support level to continue the bearish move. In case the pair is able to break the support level of 182.00 and closes H4 below it, we will get bearish strength which will provide new sell signals and enable the support level of 181.50 as a target level.

Resistance and support levels: R3 (184.60), R2 (184.00), R1 (183.50), S1 (182.50), S2 (182.00), S3 (181.50).

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