Daily analysis of GBP/JPY for March 07, 2014 Trend News

Overview

In H4 chart, the pair is trying to break the Support area consisting of the upward trend line with the Support level of 172.00 to continue its downward trend. In case of the pair bounce from the Support area the Resistance level of 172.75, it would be tested keeping its move above the upward trend line. Currently, it is prefered to wait till closing above this Resistance level before making the decision and in this case we will get more bullish signals with the first target few pips below the next Resistance level of 173.30 then 174.00 as the second target. But closing below the Resistance level of 172.75 cancels the bullish move scenario.

Resistance and support levels: R3 (174.00), R2 (173.30), R1 (172.75), S1 (172.00), S2 (171.50), S3(171.00).

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