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

Overview

The H4 chart shows that the pair has failed to break the support level of 181.50 to reverse its yesterday's downward trend and to start an upward move. Considering the today's H4 chart, the pair bounced from the support level and started to take an upward movement approaching the resistance level of 183.50 after breaking the resistance level of 182.50, then 183.00. Currently, it is preferable to wait until the closure above this resistance level before making a decision. In this case, we will get more bullish signals with the first target few pips below the next resistance level of 184.00, then 184.60 as the second target. But closing below the resistance level of 183.50 today cancels the bullish move scenario.

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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