Daily analysis of GBP/JPY for June 18, 2014 Trend News

Overview

According to today's H4 chart, yesterday's closing below the resistance level of 173.50 gave the price an opportunity to make a bearish move after it failed to break it through. As shown here, currently the price is trying to continue its bearish move and is approaching support level of 172.75. In that case, we may get another opportunity for more sell signals which will open the way towards 172.00 as the first target. Then the price should test the support level of 172.00 to continue its bearish move. But as long as the price stabilizes above the support level of 172.75, this cancels the first scenario.

Resistance and support levels: R3 (174.40), R2 (174.00), R1 (173.50), S1 (172.75), S2 (172.00), S3 (171.50).

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via Daily analysis of GBP/JPY for June 18, 2014 . Thanks for your support on Daily analysis of GBP/JPY for June 18, 2014