Daily analysis of GBP/JPY for May 09, 2014 Trend News

Overview

The H4 chart tells that the pair failed to break the Support level of 172.00 to reverse its yesterday's downward trend and 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 172.80. Currently, it is preferable to wait till closing above this Resistance level before making the decision. In this case, we will get more bullish signals with the first target few pips below the next Resistance level of 173.50, then 174.00 as the second target. But closing below the Resistance level of 172.80 today cancels the bullish move scenario.

Resistance and support levels: R3 (174.00), R2 (173.50), R1 (172.80), S1 (172.00), S2 (171.50), S3 (171.00).

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